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The West Bengal government has announced an extension of the existing 2 percent rebate on stamp duty and 10 percent rebate on circle rates of land/property for another six months, until September 30, 2023. The announcement was made by Chandrima Bhattacharya, the Minister of State (Independent Charge) for the finance department, while presenting the West Bengal Budget for 2023-24.
According to Bhattacharya, the extension of the rebates is intended to benefit homebuyers and stimulate growth in the real estate sector. She noted that the housing sector had suffered a huge setback and that the reduction of stamp duty by 2 percent and circle rate by 10 percent had resulted in a record number of registrations, particularly by small flat holders, reaching 34,44,070 between July 2021 and December 2022. This, in turn, has brought significant revenues to the government and stimulated the entire real estate sector.
Bhattacharya estimated that the total revenue collected by the government due to the rebate on stamp duty and circle rate would exceed Rs 7,200 crore by March 2023. With the extension of the rebates until September 2023, there is likely to be a manifold increase in the revenue collected in the financial year 2023-24.
The West Bengal government has also proposed to allocate Rs 271.58 crore to the state's housing department in the financial year 2023-24. Under the 'Nijashree Housing Scheme', aimed at providing housing to families belonging to lower income group (LIG) and middle-income group (MIG) categories, construction works are nearly on the verge of completion at two sites, namely at Basudevpur, Purba Medinipur and at Ailakandi, Bankura.
Construction works are also ongoing at six other sites, namely at Ashokenagar-North 24 Parganas, DurgapurFuljhore, Asansol-Gobindapur, Kalvani-Nadia, Dabgram-Jalpaiguri, and Bishnupur-Bankura. Meanwhile, construction works for rental housing estates (RHE) for state government employees have been completed at Diamond Harbour (16 RHE flats), and nearly completed at another four sites, namely at Bachurdoba (72 flats), Ranchi Road (32 flats), Milanpally-Siliguri (8 flats), and Roadside amenities (44 additional rooms & toilets). Construction works are also ongoing at six other sites, namely Nimtouri (96 flats), Contai (48 flats), Arambagh (08 flats), Alipurduar Town (Court Rice Mill A & D type 32 flats), Toofanganj (8 flats), and Kalimpong (8 RHE flats).
Bhattacharya also announced that the West Bengal Real Estate Regulatory Authority (West Bengal RERA) and West Bengal Real Estate Administrative Tribunal (West Bengal REAT) had been established. These institutions will play a crucial role in regulating and resolving disputes in the real estate sector.
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