Landowners giving up land for bullet train to get stamp duty waiver on buying property

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By Accommodation Times News Service


Now people can get stamp duty of any property they buy as to compensate, only applicable on people who have given their land for bullet train project which needs to do it within three years of handing over the land, a source said.

National High-Speed Rail Corporation Limited (NHSRCL) took the decision at the recent board meeting. The agency will pay the stamp duty for such landowners who are willing to give up their land for bullet project, a source said.

The agency is struggling to acquire land of 508 km for the project. The payment will be over and above the compensation amount given to people, they clarified, according to a news agency.

A state like Maharashtra has stamp duty of 5 per cent and after the decision comes from authority in November 2018 will finalize whether to be 6 per cent or 5 per cent.

According to the source, the project needs 1,434 hectares of land for the bullet train project out of which 353 is needed in Maharashtra.

The agency is paying four times circle rate of the land in Maharashtra.

The homeowner can choose a new house built nearby (500 sq feet) or buy a new house in case the owner is losing his house in cede land.

December 2018 is the deadline for completing land acquisition for the project, a source said.

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