Budget 2023: Housing Sector Highlights
Houses worth from RM500,000 to RM1mil will enjoy an increase in stamp duty exemption from 50% to 75% until Dec 31, 2023.
Stamp duties for the transfer of property between families is subject to a stamp duty of RM10.
The allocation for building new and renovating houses in rural areas has been increased from RM367mil to RM460mil.
A RM367mil allocation has been provided for People’s Housing Projects in urban areas including new projects in Marang Terengganu and Arau, Perlis which will benefit 12,400 people.
4,250 housing units worth RM358mil will be built under the Rumah Mesra Rakyat program.
The 100% stamp duty exemption for first-time homeowners remains, applicable for properties priced RM500,000 and below through the Keluarga Malaysia Home Ownership Initiative (i-Miliki) initiative from June 1, 2022 to December 2023.
RM290 million will be allocated to repair old lifts at low-cost high-rise residential schemes.
Source: The Star
I would like to enquire about 75% stamp duty exemption for property above 500k till 1M. May I know if this is with immediate effect from now until Dec 2023? Does it mean the SNP has to be sign between now until Dec 2023 to entitle the benefit?