The Chief Minister Mamata Banerjee and her Government considering the request of CREDAI West Bengal has extended the rebate in the stamp duty by 2% as well as the reduction of 10% in circle rates.
“In the interest of public service and also the homebuyers, the government has further extended the benefits of Notification No, 1281 FT Dated 30th Oct. 2021 and Notification No, 1282 FT Dated 30th Oct. 2021 till 31st March 2023,” stated order by Finance Department (Revenue).
The Real Estate Market has been doing well because of the rebate extended by the Government and this year the sales have been brisk and added with that there has been record collection on account of stamp duty and registration fees by the Government of West Bengal.
“The highest collection ever has been not only due to the new sales but also number of people coming forward for registration of deeds who did transactions long back say 20 to 25 years back but didn’t register. Therefore, it is a `win-win’ situation for all the stakeholders i.e. the Government, public at large and the developers. Cost of customer was increased due to increase in interest rate, this will be a good compensation for customers to come forward, do transactions within March 2023 and take advantage of the reduced stamp duty,” said Sushil Mohta, Chairman Merlin Group & President – CREDAI West Bengal.
