West Bengal Govt Extends Stamp Duty and Circle Rates Reduction
West Bengal has extended the two percent exemption on stamp duty and a 10 percent reduction in circle rates of property in the state until March 31, 2023. The order from the West Bengal Finance Department (revenue) said, “Now, in the interest of public service and also considering the interest of homebuyers, it has been decided by the government in the finance department to further extend benefits of Notification No. 1281-F. T dated October 30, 2021, and Notification No. 1282-F. T dated October 30, 2021, to March 31, 2023.” The existing relief was ending on December 31, 2022. It was previously extended by the state government due to the economic slowdown caused by the Covid pandemic. As of December 29, about 1,85,788 sale deeds have been registered in the state, data from the Directorate of Registration and Stamp Revenue reveals. Additionally, 3,047 residential sales agreements were registered in November 2022, a 167 percent jump from November 2021. Kolkata Metropolitan Area (KMA) has witnessed the registration of 6,788 residential sales agreements in October 2022, a Knight Frank report says. “The monthly property registration volume marks a 45 percent year-on-year (YoY) growth over October 2021. On a month-on-month basis, there is a 17 percent upswing as the delay in property registrations in September due to Durga Puja festivities got spilled over to October 2022,” the report added. Moreover, realtors say, that amid inflating interest rates, the existing relief will be a good compensation for homebuyers, who will also benefit from lower stamp duty.
Tags : West Bengal stamp duty reduction rates property West Bengal Finance Department homebuyers public service Kolkata Metropolitan Area