Jammu, Feb 25 (IANS): The Jammu and Kashmir Administrative Council which met under the chairmanship of Lt Governor Manoj Sinha, has approved the remission of fifty percent stamp duty for all first time buyers of real estate in the housing sector for a period of two years, officials said on Friday.

The decision is aimed at giving a boost to the real-estate sector in Jammu and Kashmir and motivating the new buyers to participate in the market. It is also expected to provide momentum to property sale and registration by making the purchase of property attractive and affordable.

The Administrative Council also asked the Housing and Urban Development Department to work out the modalities for smooth implementation of the decision at the earliest.

Earlier, in line with its commitment to attract investment, promote infusion of technology, and create employment opportunities in the real estate sector, the government hosted the first-ever Real Estate Summit in J&K, wherein several promoters in residential/retail/commercial space, film and entertainment industry, tourism and hospitality, logistics and warehousing, and financing institutions, participated, and shared their wisdom for the collective vision of the growth of the sector in Jammu and Kashmir.