Punjab FM presents annual budget, announces steps to revive real estate sector

CHANDIGARH: Punjab Finance Minister Parminder Singh Dhindsa today presented the annual budget of Rs.86,387 crores and announce series of steps to revive real estate sector in the state.Dhindsa said that Government recognised that there has been a drop in real estate prices over the last couple of years. He said that to revive the real estate sector, he has proposed to reduce the collector rates used for assessing stamp duty all over the state by atleast 15%. I also propose a 25% rebate on CLU, EDC and License fee on all new housing sector projects coming up in the state. This rebate will also be available to new extensions of all on-going projects which are undertaken hence forth.Dhindsa said that SAD-BJP government was committed to provide affordable housing to low income and middle income classes. ” To enable them to fulfil their dream of owning their own house, I propose to allow 50% rebate on CLU, EDC and License fee on all affordable housing projects. Additionally, 50% rebate on stamp duty charges on all conveyance deeds in the affordable housing sector is also proposed. All such rebates will be passed on to the final buyer.He further said that in order to provide further relief to buyers of built up properties, the government  proposes to reduce the stamp duty by 20% on the first purchase conveyance deed of all new flats in order to ensure that such constructed flats are available at affordable prices.Finance Minister also recognised that rural debt in Punjab, estimated to be Rs.35,000 crore, has assumed alarming proportions.