#RealtyNewsRoundup: Maharashtra To Hike Stamp Duty On Gift Deeds

The Maharashtra State Cabinet has decided hike stamp duty on gift deeds. The decision, aimed at boosting revenue, will result in the government charging three per cent of ready reckoner rate as stamp duty if a flat is gifted to a blood relative or a spouse.

Logix Group has decided to opt out of its township project at Sector 22D in the Yamuna Expressway Industrial Area. According to media reports, the development authority failed to hand over possession of a 200-acre plot for the past seven years due to farmer agitations. Owing to this, the developer has decided to opt out of the project.

To beat competition in the loan-mortgaging sector, State Bank of India is engaging retired employees to promote home loans. The public lender has also decided to offer up to 35 basis points concession on loans for construction to developers for the affordable housing segment as a marketing push.

The India Trade Promotion Organisation will auction 3.7 acres prime land at New Delhi's Pragati Maidan to raise funds for building India's biggest exhibition-cum-convention centre. The money will be used to build a 500-room hotel for guests. The organisation would need Rs 2,250 crore to complete the project.

Source: Media reports