#RealtyNewsRoundup: Punjab Abolishes 2 Per Cent Stamp Duty

Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.

With a view to boost the real estate sector in Punjab, the state Cabinet has decided to abolish the stamp duty of two per cent levied on immovable property while awarding the power of attorney. Irrespective of the market value, the stamp duty would now be a nominal Rs 1,000 on the General Power of Attorney and Rs 500 on Special Power of Attorney.

The Noida administration has decided to divide the city and Greater Noida into four zones with a zonal office each to deal with public issues. An official announcement in this regard will be made next week.

Reliance Infrastructure reported a 7.21 per cent rise in its consolidated net profit at Rs 438.80 crore for the quarter ended June. The Anil Ambani-led infrastructure major had clocked a net profit of Rs 409.27 crore for the same quarter last fiscal.

If everything goes as per the plan, as many as 700 old buildings in Mumbai's Kamathipura area will give way to 24 snazzy high-rises of 23-storey each. Spread over 39 acres, this would be the largest urban renewal scheme in the city where 7,000 tenants will get 525 sq ft apartments with free lifetime maintenance. The project will cost Rs 7,824 crore.

Source: Media reports