Legal Question in Real Estate Law in India
A real estate company is awarded a licence by the State Government t develop an integrated township in the State. For this purpose, the company purchases agricultural land directly from the farmers and pays stamp duty as per circle rates applicable for agriculural land. The project area of the company is within the master plan area of the development authority and is declared as R-2 zone. However, the land in revenue records continues to be agriculture in nature only.\nThe question is:\nIs the company required to pay stamp duty aplicable on residential rates of the land being purchased from the farmers because the land which has been purchased is likely to be put to a use other than the agriculture?
1 Answer from Attorneys
It is nort necessary for the developer to pay stamp duty on residential rates, since State Govt has already given a license for development. Of course, after development, when the developer sell, the purchaser shall have to pay stamp duty applicable at residential rates.
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