The West Bengal government has decided to extend the rebate on stamp duty and circle rate till December 31, 2022—a move that is likely to support homebuyer sentiment in a state where demand for property has improved because of better affordability. The move is likely to boost buyer spirit ahead of the Durga Pujo festivities in the state.
Under its existing rebate in effect since July 2021, the West Bengal government is allowing 4% stamp duty for properties worth up to Rs 1 crore and 5% for property above Rs 1 crore in urban areas. In rural areas, the stamp duty is 3% for properties up to Rs 1 crore and 4% for above Rs 1 crore.
The state government has also decided to continue with the 10% reduction in circles rate
“In the interest of public service and also considering the interest of the home buyers who have suffered extremely due to Covid-19 pandemic, it has been decided by the government in the finance department to further extend the benefits,” the state finance ministry said in a statement on September 28, 2022.
“The decision of the government to extend the rebate in stamp duty and circle rate is a coveted Durga Puja gift. We welcome wholeheartedly the decision taken by the state government. This extension, till December 2022, would help home buyers take their decisions to buy their own homes. It will also accelerate the sales of the real estate sector,” said Sushil Mohta, president, Credai-West Bengal, and chairman, Merlin Group.
Data available with PropTiger.com show home sales in state capital Kolkata increased 13% during the April-June period of 2022 quarter-on-quarter, while also indicating an annual rise of 157%. On improved demand, new supply, too, jumped 198% QoQ and 98% YoY during the same quarter.
The stamp duty is the legal manner in which a state collects the revenues from the buyer in case of any transactions. It can be fairly noted as a legal proof of ownership and authority. The calculation of the stamp duty can depend on a number of factors
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