Taking a populist decision ahead of the Assembly polls the Punjab Cabinet on Monday decided to abolish 2 per cent ad valerom Stamp Duty on Power of Attorney regarding immovable property. This is expected to boost the real estate sector especially in the affordable housing category,
The Cabinet meeting was presided by Punjab Chief Minister Parkash Singh Badal at Punjab Bhavan.
A spokesperson of the Chief Minister's Office said that this decision would be a major relief to people aspiring to own their houses. The Stamp Duty would now be a nominal Rs 1,000 for General Power of Attorney and Rs 500 for Special Power of Attorney, irrespective of the market value.
In a major relief to the small and marginal agricultural farmers cultivating upto five acres of Provincial Government agricultural land, the Cabinet decided in principle to offer the proprietary rights under concessional terms and conditions. These tillers who have been in cultivating possession for at least 20 years would be entitled for allotment at significant discount from the collector rates.
The allotment price would be payable to the Government over a period of five years interest-free six monthly ten instalments. The amount payable upfront would be 20 per cent. A discount of 10 per cent would be given on the allotment price, if any allottee prefers to pay the entire amount in one go at the time of allotment. This would fulfil the long-pending demand of the small and marginal farmers.
Keeping in view the larger public interest and in a bid to ensure the working of the various Boards/Corporations in an efficacious manner, the Cabinet also gave nod for appointing Senior Vice-President in the Boards/Corporations from amongst the non-official members. Following this decision, the Cabinet approved the creation post of Senior Vice-Chairman in Punjab State Board of Technical Education & Industrial Training and Punjab Khadi & Village Industries Board. Pertinently, earlier there was a provision only to appoint Chairman and Vice-Chairman in these Boards.
The Cabinet decided to provide budgetary support for procurement of grains like other States. It was also decided in the meeting to constitute a Cabinet sub-committee comprising Food and Civil Supplies Minister and Finance Minister to negotiate with banks for a lower rate of interest on previous loan accounts.
The Cabinet also approved the proposal mooted by the local Government department to make suitable amendment in the Punjab Municipal Act, 1911 and the Punjab Municipal Corporation Act, 1976 for the disposal of Municipal Properties under possession of occupiers for a period of 20 years or more.
It also decided to make amendments in the rates of Property Tax of hotels in the urban areas from the year 2015-16 by including this type in the category of commercial property.