Odisha Cabinet nods proposals for relaxation of Stamp Duty and Registration Fees in favour of EWS beneficiaries covered under PMAYU-2.0
The Ministry of Housing and Urban Affairs (MoHUA), Government of India, launched the Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) on 17 September 2024, following the successful implementation of PMAY(U).
Bhubaneswar: The Ministry of Housing and Urban Affairs (MoHUA), Government of India, launched the Pradhan Mantri Awas Yojana-Urban 2.0 (PMAY-U 2.0) on 17 September 2024, following the successful implementation of PMAY(U). For effective implementation of the flagship housing programme. MoHUA has issued the Operational Guidelines for PMAY-U 2.0.
As per Clause 14.2 of the Operational Guidelines, States/UTs are required to undertake the first phase of mandatory urban reforms. One of the key reforms envisages rationalization of stamp duty and registration fees to nominal rates (below 1%) for dwelling units up to 60 sq. m. registered under PMAY-U 2.0. Compliance with this reform is mandatory for implementation of PMAY-U 2.0. In this regard, the State Level Nodal Agency (SLNA), Odisha Urban Housing Mission (OUHM), has already executed the Memorandum of Agreement (MoA) with MoHUA, Government of India.
At present, the applicable stamp duty and registration fees for purchase of residential property in Odisha range between 6% and 7%, depending upon the gender of the property owner. However, in line with the reform measures recommended by MoHUA, Government of India, It is proposed to reduce the applicable stamp duty and registration fees for affordable housing units meant for Economically Weaker Section (EWS) beneficiaries to below 1%, ranging from 0.6% to 0.7% depending upon the gender of the owner.
The proposed relaxation is expected to provide substantial financial relief to EWS beneficiaries in urban areas of Odisha, as the revised fees would be nearly one-tenth of the existing rates. The reduced rates shall be applicable to EWS housing units registered under PMAY-U 2.0 as well as other affordable housing units for EWS beneficiaries developed under any State Scheme in urban areas of Odisha.
