State decides to reduce stamp duty from 5% to 3% on flats valuing between ₹35 lakh and ₹45 lakh
The Karnataka government on Thursday approved spending of ₹8,000 crore to build about 5 lakh houses in urban and rural areas across the State over the next two years.
“One of the major decisions taken today is to construct four lakh houses in rural areas and one lakh houses in urban areas under various housing schemes. The houses will be completed in two years at an expenditure of ₹8,000 crore,” Home, Law and Parliamentary Affairs Minister Basavaraj Bommai told reporters after the Cabinet meeting here.
Further, the Cabinet approved ₹500 crore towards creation of basic infrastructure, including building culverts, drainage, and electrical and water connections to one lakh houses being built in the BBMP limits.
The Cabinet has also approved setting up of the Centre for Innovation and Development for Smart Agriculture in agricultural universities in partnership with Hexagon Manufacturing Intelligence. The centre will have drone labs, agriculture labs, equipment design, and manufacturing and incubation facilities. “Each centre will cost about ₹110 croreof which Hexagon will invest ₹85 crore and the rest will come from the State. Seven such centres have been planned,” Mr. Bommai said.
To enhance organic carbon in soil, the State has decided to set aside ₹75 crore to be spent over next five years. “A sum of ₹3,000 per hectare and limited to two hectares would be given to farmers to enhance organic carbon,” said Mr. Bommai.
Among other decisions, the State has asked the Backward Classes Welfare Department to issue an order to bring 10% reservation for economically weaker sections as per the guidelines of the Union government in civil services recruitment and educational institutions. “Those with a family income of less than ₹8 lakh a year, and do not belonging to any caste in SC/ST/BC category currently having reservations, are eligible,” the Home Minister said.
Guidance value revision in the offing?
The State Cabinet agreed to visit revision of guidance value of properties in the State.
Mr. Bommai said there was a proposal seeking revision of the guidance value, and it had been decided to ask the valuation committee to look into it.
Meanwhile, the State has decided to reduce stamp duty from 5% to 3% on flats valuing between ₹35 lakh and ₹45 lakh.