West Bengal extends stamp duty, circle rate reductions till Dec 31
Real Estate

West Bengal extends stamp duty, circle rate reductions till Dec 31

The West Bengal government has decided to extend the 2% stamp duty relief and 10% reduction in the property circle rate until December 31.

The chief minister announced this at an administrative review meeting in Kurseong on Tuesday.

The original measure, which was announced during the budget in July and was supposed to be in place until October 30, was aimed at stimulating demand in the residential real estate segment and filling government coffers as a result of an increase in the volume of transactions.

For properties up to Rs 1 crore, stamp duty is now 4% in urban areas and 3% in rural areas, respectively, and 5% and 4% for properties above that ceiling.

According to a report released earlier this month by property consultancy Knight Frank, the duty reduction had the desired impact on the market. In the Calcutta Metropolitan Area, 15,160 residential sales deeds were registered between July and September, representing a 122% increase over the same period a year ago.

Developers had been pleading with the government for an extension, and CREDAI West Bengal had written a letter to the chief minister on October 9 in response to the positive response.

Nandu Belani, head of CREDAI in Calcutta, told the media that the decision must be ratified by the Assembly, the extension may not take effect until November 1.

It is recommended that the government consider extending it until March 31.

Image Source

Also read: Stamp duty in Gujarat surges 148% in Q1 FY22

The West Bengal government has decided to extend the 2% stamp duty relief and 10% reduction in the property circle rate until December 31. The chief minister announced this at an administrative review meeting in Kurseong on Tuesday. The original measure, which was announced during the budget in July and was supposed to be in place until October 30, was aimed at stimulating demand in the residential real estate segment and filling government coffers as a result of an increase in the volume of transactions. For properties up to Rs 1 crore, stamp duty is now 4% in urban areas and 3% in rural areas, respectively, and 5% and 4% for properties above that ceiling. According to a report released earlier this month by property consultancy Knight Frank, the duty reduction had the desired impact on the market. In the Calcutta Metropolitan Area, 15,160 residential sales deeds were registered between July and September, representing a 122% increase over the same period a year ago. Developers had been pleading with the government for an extension, and CREDAI West Bengal had written a letter to the chief minister on October 9 in response to the positive response. Nandu Belani, head of CREDAI in Calcutta, told the media that the decision must be ratified by the Assembly, the extension may not take effect until November 1. It is recommended that the government consider extending it until March 31. Image Source Also read: Stamp duty in Gujarat surges 148% in Q1 FY22

Next Story
Infrastructure Transport

Railway stations in Prayagraj undergo major passenger facility expansion

The Railway Board Chairman and CEO, Satish Kumar, conducted an extensive inspection on Saturday alongside the General Manager of Northern Railway and the officiating General Manager of North Central Railway. Their visit focused on various ongoing projects at multiple stations across the Northern and North Central Railway zones, with particular attention to enhancing facilities for the upcoming Maha Kumbh. During the inspection, Chairman Kumar reviewed the construction of a vital bridge over the River Ganga, specifically between Jhunsi and Prayagraj Rambagh. This bridge is expected to significa..

Next Story
Infrastructure Transport

Madurai-Thoothukudi broad gauge line works under review

The construction of the Madurai-Thoothukudi broad gauge line, which includes the crucial Melmarudur-Tiruparankundram project, is currently under careful review. This update comes from Southern Railway's assistant public information officer, J Kumarasubramanian, following an RTI inquiry made by a concerned citizen, Dayanand Krishnan. The new broad gauge line is projected to cover a total length of 143.5 km, with the initial 18 km stretch between Milavittan and Melmarudur completed and sanctioned by the Commission of Railway Safety on March 8, 2022. While substantial progress has been made on t..

Next Story
Real Estate

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Realty giant DLF is projecting impressive revenue of Rs 26,000 crore from its newly unveiled super-luxury project, The Dahlias, situated in the heart of Gurugram. Ashok Tyagi, the Managing Director of DLF, shared these insights during a recent conference call with market analysts, highlighting the project's potential amidst rising demand for high-end residential properties. The Dahlias project spans an expansive 17 acres and is set to feature approximately 420 ultra-luxury apartments, each boasting a minimum size of 10,300 square feet. This ambitious development has already garnered significan..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000