• January 27, 2022

Bengal realty sector seeks extension of stamp duty, circle rate benefit till March

 Bengal realty sector seeks extension of stamp duty, circle rate benefit till March

Kolkata, Jan 10 (PTI) The realty sector of West Bengal on Monday sought extension of the benefit of 2 per cent reduction on stamp duty and 10 per cent relaxation on circle rate till March 31.

The state government has offered the benefit till January 31.

“We have made a representation to the state government urging extension of the relaxation till 31st March 2022. This will provide much needed fillip to the real estate industry which has been enduring the wrath of Covid-19 for the last two years. We hope the state would support us,” said Credai West Bengal President Sushil Mohta said.

The Confederation of Real Estate Developers’ Associations of India (Credai) is the apex body of private real estate developers in the country.

The benefit could not be fully reaped as the surge of Omicron and other variants of Covid in West Bengal has restricted movement of customers for registration. Moreover, the people of the state generally refrain from executing any auspicious activities during the Bengali month of ‘Poush’ which lasts between mid-December and mid-January 15, Mohta said.

A 10 per cent reduction in circle rate and a revised stamp duty of 4 per cent for units that costs up to Rs 1 crore and 5 per cent for units that cost over Rs 1 crore was announced in the state budget in 2021-22.

“Between October and December, around 4000 units have been sold in West Bengal. The spike in demand has also increased launches of new projects,” Mohta said.

The realty sector had been bullish for the current fiscal in terms of sales of residential apartments. PTI BSM NN NN

source: PTI News

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