Goa has just become costlier in the budget for 2008-09

Your dream to own a beach-side home in Goa has just become costlier. In the budget for 2008-09, the state government has increased stamp duty on property from the average 2% to varying rates depending on the value of the property. So while the state will continue to charge 2% stamp duty for land valued up to Rs 30 lakh, an additional duty of Rs 90,000 or more will be charged for a property worth between Rs 30 lakh and Rs 50 lakh. Property worth above Rs 50 lakh will be charged a stamp duty of 4%, while a 5% stamp duty will be levied for property costing more than Rs 1 crore. “Everyone wants to own a piece of land in Goa, so let them pay more,” said state finance minister Dayanand Narvekar defending his decision. Aware of the danger of properties being undervalued to save on stamp duty, the government has also proposed setting up a benchmark for property prices, based on which duty will be charged. This is similar to the ready reckenor introduced in Maharashtra. The state has also raised infrastructure tax from Rs 40 per sq mt to Rs 50 per sq mt for residential constructions and Rs 100 for commercial developments. Meanwhile, buoyed by a 12% growth rate with a revenue surplus of Rs 141.41 crore, the state has decided to waive off all loans taken by farmers from the state agricultural department. The state will also write-off the housing loans of farmers taken from the director of panchayats. The state will also offer farmers bank loans up to Rs 5 lakh at 4% interest. It has also decided to pay the difference in interest rate to banks. The state budget has also decided to provide 50% subsidy to farmers for purchase of machinery, apart from providing support prices for various items like areca nut, paddy and cashew. This grant is applicable to also horticulturists and those involved in animal husbandry; and is expected to cost Rs 50 crore to state exchequer. The state, has also extended social schemes and benefits available to SCs and STs to all families with an income of less than Rs 1 lakh per year. At the same time it has also introduced a concept of creamy layer (which include families with an income of Rs 6 lakh per year) which will be excluded from availing of any government subsidy.