“Amendment in the Land Acquisition Act, 2013, to support affordable housing, monetization of surplus land with the government and state-owned companies, higher floor space index (FSI) in urban areas and relaxation in the rent control laws are among the series of proposals made by the Niti Aayog to push urbanization across the country. Arguing that high compensation offered by the Land Acquisition Act makes affordable housing expensive, the government think-tank has strongly pitched for an amendment in the law,” writes Sunny Verma and Deepak Patel
Among the recommendations, the Niti Aayog pitched for providing infrastructure sector status to the real estate development, which will help bring down interest costs in the sector. It suggested that the states may consider reducing the stamp duty rates including the property registration fee to 3-3.5 percent, from as high as 8 percent in some of the states. “A high rate (of stamp duty) creates the incentives for the buyer of the property to declare a lower value and pay a part of the payment in black,” it said.
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