Terming the current building rules as cumbersome, realty developers of Assam have called for simplification and rationalisation of norms and reduction in duties. “The real estate players are in a bind over high spiralling taxes and registration duties which are the highest in Guwahati,” Assam Real Estate and Infrastructure Developers Association President P K Sharma told reporters in Guwahati.
AREIDA on Monday, June 18, submitted a memorandum to Chief Minister Tarun Gogoi in this regard and urged immediate action from the government. While stamp duty stands at 8 per cent in Guwahati, the government also levies a 8.5 per cent registration charge and is charged at the same rate for completed apartments and vacant land. “Besides the Guwahati Metropolitan Development Authority charges another one per cent for NoC for sale permission.
The 17.5 per cent total duty is the highest in India and this has affected development of property as prices go up quite a bit,” Sharma said. ARIEDA has asked the government to rationalise the registration fee and bring the combined burden of all taxes to below 10 per cent.
“We have also asked the government that the rates for completed buildings should be made lower as against vacant land,” Sharma said.
AREIDA also termed procedure for statutory approval as cumbersome and said that of late the Guwahati Municipal Corporation has withheld hundreds of ‘approved’ applications for over a year without any legitimate reasons.
