Aizawl, Feb 29 (PTI) The Mizoram assembly on Thursday passed a bill that seeks to hike stamp duty from 1 per cent to 3 per cent of the market value of a property.

The Indian Stamp (Mizoram Amendment) Bill, 2024, was passed in the House by voice vote.

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Earlier, the amendment bill was approved by the state cabinet on February 5.

Land Revenue and Settlement Minister B Lalchhanzova said the maximum ceiling needs to be revised due to increase in prices of goods and services.

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The bill, after its enactment, will curb the “increasing practice” of fixing land prices at “exorbitant rates”, as prices would be calculated based on the value chalked out by a valuation committee, Lalchhanzova said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)