The West Bengal government has extended the 2% stamp duty rebate on property purchases till September 30, 2023.
Following an announcement made in the West Bengal State Budget 2023-24 presented on February 15, 2023, homebuyers will also continue to enjoy the 10% rebate on circle rates for another six months.
The extension of the reduced duty rate regime will enable buyers planning to invest in property save money on property investments. The move was first introduced in the State Budget on July 7, 2021, to offer 2% rebate on stamp duty and 10% rebate on circle rate. It has since been extended several times.
Stamp duty is a fee buyers in the state have to pay to get their properties registered in government records at the time of transfer. West Bengal currently charges 3-4% stamp duty on property purchases in rural areas and 4-5% duty on property purchases in urban areas. Rates vary depending on deal value. Circle rate, the government-determined benchmark below which a property can’t be registered in the state, varies from area to area.
“This sop would surely impact the sales of residential units in Bengal this year and will help the growth momentum witnessed in 2022. Given that the cost to customers has increased because of the rise in interest rate, this will be a good compensation for customers to come forward, do transactions in the financial year 2023-24 also and take advantage of the reduced stamp duty,” Confederation of Real Estate Developers’ Associations of India-West Bengal president Sushil Mohta told media.
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