Sri Vijaya Puram, Mar 23: Dr. J Arockia Raj, National Member of the World Human Rights Protection Commission (WHRPC), New Delhi, has submitted a formal representation to the Hon’ble Lieutenant Governor of Andaman & Nicobar Islands requesting a reduction in stamp duty rates to promote economic growth and facilitate affordable housing.
Citing the provisions of the Indian Stamp Act, 1899, and the Indian Stamp (Andaman & Nicobar Islands Amendment) Regulation, 1961, Dr. Raj emphasized that lower stamp duty would encourage real estate investments, benefit first-time homebuyers and small businesses, and enhance overall revenue generation through increased transactions.
He has urged the administration to consider rationalizing the stamp duty structure in the interest of the people and the economic development of the Union Territory.
