The Odisha state cabinet on Monday approved a significant reduction in stamp duty and registration fees for beneficiaries of the Economically Weaker Section (EWS) under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 and other state-run affordable housing schemes. This move aims to ease the financial burden on low-income families seeking homeownership in urban areas.
Alignment with Central Guidelines
The decision follows the Union housing ministry's directive that mandates states to cap stamp duty and registration charges below 1% for dwelling units up to 60 square meters under PMAY-U 2.0. Currently, these charges in Odisha range between 6% and 7%. Under the new provision, the fees will be reduced to 0.6% to 0.7%, depending on the gender of the property owner. This gender-based differentiation is designed to encourage female property ownership.
Expected Impact
The reduction is expected to boost the uptake of affordable housing schemes and ensure smoother implementation of the central government's flagship urban housing program in the state. By lowering the upfront costs associated with property registration, more EWS families are likely to benefit from the scheme. Additionally, the move is anticipated to stimulate the real estate sector in Odisha, particularly in urban areas targeted under PMAY-U 2.0.
This policy change reflects the state government's commitment to providing affordable housing and improving the quality of life for economically weaker sections. The cabinet's approval underscores a proactive approach to aligning with national housing objectives while addressing local needs.
