Bengaluru, March 5 (IANS): To promote affordable housing, stamp duty on new flats or apartments costing less than Rs 20 lakh would be reduced to 2 per cent from 5 per cent from April 1, said state chief minister B.S. Yediyurappa on Thursday.

"I propose to reduce stamp duty on first time registration of new flats or apartments costing less than Rs 20 lakh to 2 per cent from 5 per cent," said Yediyurappa while presenting the state budget for ensuing fiscal 2020-21 in the legislative assembly here.

The state revenue department has collected Rs 10,248 crore till February, which is 87 per cent of the annual target of Rs 11,828 crore fixed for the fiscal 2019-20 a year ago.

The revenue collection target for fiscal 2020-21 is fixed at Rs 12,655 crore.

"As online registration of bank and NBFC (non-banking financial companies) loan documents will be facilitated through national e-Governance Service Ltd, stamp duty can be paid online from the new fiscal," Yediyurappa told the lawmakers in the House.

The Kaveri software of the stamps and registration department will be integrated with the e-Aasthi (property) application of the state urban development department.

"Kaveri-2 software application will be developed in the new fiscal for registering immovable property documents," added the chief minister.