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In a move to bolster the real estate sector, the West Bengal government has announced the continuation of its stamp duty concessions until June 30, 2024. This extension entails a 2% reduction in stamp duty and a 10% decrease in circle rates for property transactions.
Previously, the finance revenue department had granted a 2% stamp duty reduction for various registrations until January 31, 2022. Additionally, a 10% cut in circle rates for all immovable assets was implemented up to the same date. These concessions were subsequently extended in multiple phases, with the latest one being valid until September 30, 2023.
The finance revenue department, in its recent directive, stated, "Given the public interest, especially to provide relief to prospective homeowners, the government has resolved to prolong these benefits until June 30, 2024."
The real estate sector, which faced significant challenges during the COVID-19 pandemic, managed to persevere, largely due to the consistent support from the state government over the past two years. This support manifested in the form of a 2% stamp duty rebate and a 10% circle rate discount. However, the industry has grappled with rising interest rates and escalating costs of raw materials. Consequently, construction expenses have surged, leading to increased prices for both residential and commercial units.
In conclusion, the West Bengal government's decision to extend stamp duty and circle rate concessions is a strategic move to rejuvenate the real estate sector. It not only offers financial relief to buyers but also promises to enhance state revenue through increased property registrations. The industry, which has weathered numerous challenges, welcomes this supportive gesture, hoping for a brighter future ahead.
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