First-time buyers in housing sector to get 50% stamp duty remission
“Move to provide momentum to property sale and registration”
Srinagar: The J&K government Friday approved the remission of fifty percent (50%) stamp duty for all first-time buyers of real estate in the housing sector for a period of two years.
The decision was taken by the Administrative Council at a meeting headed by Lieutenant Governor Manoj Sinha also attended by Farooq Khan and Rajeev Rai Bhatnagar, Advisors to the LG, Dr Arun Kumar Mehta, Chief Secretary, J&K, and Nitishwar Kumar, Principal Secretary to the LG.
An official spokesman of the J&K government said the decision is “aimed at giving a boost to the real-estate sector in Jammu and Kashmir and motivating the new buyers to participate in the market”.
“It is also expected to provide momentum to property sale and registration by making the purchase of property attractive and affordable.”
The Administrative Council also asked the Housing and Urban Development Department to work out the modalities for smooth implementation of the decision at the earliest.
Earlier, in a bid to attract investment, promote infusion of technology, and create employment opportunities in the real estate sector, the government hosted the first-ever Real Estate Summit in J&K in December last year, wherein several promoters in residential/retail/commercial space, film & entertainment industry, tourism & hospitality, logistics & warehousing, and financing institutions, participated, and shared their wisdom for the collective vision of the growth of the sector in Jammu & Kashmir.
AC reserves industrial estate at Udhampur for women entrepreneurs
Approves setting up infrastructure for women battalions
The Jammu and Kashmir government on Friday declared the industrial estate at Udhampur as ‘women industrial estate’ to promote women entrepreneurship in the Union Territory.
“To promote women entrepreneurs in Jammu and Kashmir, the administrative council (AC) under the chairmanship of the Lieutenant Governor, Manoj Sinha, today (Friday) declared the industrial estate at Seen-Thakran in Udhampur as women industrial estate,” according to an official spokesman.
In a first-of-its-kind decision, the administrative council declared the Industrial Estate at Seen, Thakran, Udhampur as reserved for women entrepreneurs and women-led industries, he said.
The decision will benefit women entrepreneurs and industrialists as any business enterprise having a minimum of 51 percent stake held by a woman entrepreneur shall qualify to apply for allotment in reserved industrial estate, he said.
Moreover, under the new J&K Industrial Land Allotment Policy, the eligible women entrepreneurs will be allotted suitable parcels of land through a transparent single-window mechanism in a time-bound manner.
Meanwhile, the Administrative Council also approved setting up of infrastructure for women battalions at several places in the union territory, officials said.
The AC accorded administrative approval for construction work for women battalions at Sopore, Baramulla and Pargalta, Jammu, an official spokesman said.
Farooq Khan and Rajeev Rai Bhatnagar, advisors to the LG, Arun Kumar Mehta, Chief Secretary, and Nitishwar Kumar, Principal Secretary to the LG, attended the meeting, he said.
The construction work will be carried out at an estimated cost of Rs 50 crore at each battalion and it will include administration blocks, residential accommodation and hostels, and office building, among others, the spokesman said.
Earlier, to check the rise in crime against women, the administration had raised two women battalions by sanctioning 2,014 posts for recruiting women officers and officials of various ranks, he said.
The recruitment of these posts is underway, he added.