A cut in stamp duty – Is it a blessing for the property buyer?

Magicbricks.com Moderator says: The new stamp duty cut announced by the government will provide quite a relief to the property buyers who have already been reeling under the burden of constantly increasing real estate prices and loan rate interests. The Delhi Government has decided to reduce the stamp duty on property prices by 2%. This was done with the intention to access funds from the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and to get the funds the states cannot exceed the stamp duty of more than 5%.

The stamp duty on properties registered in the name of men will now stand at 6% while it would be 4% for the women. This would mean substantial savings as the buyer can save Rs. 60,000 for a property worth Rs.30 lakh; a lakh for a property that is worth 50 lakh and likewise the savings will increase with the rise in property price.

Lately the Delhi government has rolled out quite a few significant policies in regard to the real estate industry. What are your views and opinions about the cut in stamp duty? Do you think this would act as a much needed breather when the real estate prices are at an all time high?