#RealtyNewsRoundup: Affordable Homes To Get Stamp Duty Exemption
The Centre is mulling an exemption from stamp duty for PM Modi's affordable housing project. Union minister for urban development and housing M Venkaiah Naidu said that his ministry has written to state governments to exempt affordable houses from stamp duty. Stamp duty, which varies between 4% and 8% of the transaction value, is fixed by the state government.
With India expected to be the world's fastest growing economy in 2017, this year's World Real Estate Forum organised by MIT Center for Real Estate on the MIT campus in Cambridge will have a special focus on India. The World Real Estate Forum will be held on May 18 and 19 in Massachusetts.
City corporation authorities will be able to disburse the first instalment of Rs 30,000 each to around 900 beneficiaries of the Pradhan Mantri Aawas Yojana (PMAY) as only they have proper documents on land holdings, say the officials conducting verification of documents. The aid will be immediately released to initiate construction work of the house.
Microsoft is close to signing a nine-year lease deal with Prestige Group for a 600,000 sq ft office space in Bengaluru, three people aware of the development said. The Redmond-based technology company, which currently operates out of Embassy Golf Link in the city, is looking for more office space as part of chief executive Satya Nadella's plan to tap the local market and its engineering talent.