West Bengal government extends stamp duty relief till June 2024, ET RealEstate

September 30, 2023

NEW DELHI: West Bengal government has extended the relief of 2% on stamp duty and 10% on circle rates till June 30, 2024.

“The further extension till June 2024 will boost the real estate segment a great deal. This extension of the stamp duty and IGR from the state government would further encourage lot of real estate buyers to close their transaction and moreover lot of old customers are likely to register their properties who have not done their registration since the last two decades. Therefore it will be a win win situation for the state government as well for adding revenue to the state exchequer,” said Sushil Mohta, president, Credai West Bengal.

The finance (revenue) department had given the relief of stamp duty by 2% for several types of registration up to January 31, 2022. The department also reduced the circle rates by 10% on all immovable properties up to January 31, 2022.

This relief was then extended in several phases by different orders will validity upto September 30, 2023.

“Now in the interest of public service, particularly to extend relief to the home buyers, it has been decided by the goverment to further extend the benefits till June 30, 2024,” the finance (revenue) department said in an order.

“The real estate industry has been struggling since covid timees, however it managed to survive because of the continuous support from the state government for the last two years in terms of 2% rebate in stamp duty and 10% rebate circle rate. But the increase in interest rate and huge increase in cost of raw material, construction cost has gone higher and cost of residential and commercial units for consumers have gone up. Moreover the real estate industry has to pay taxes like GST and there is no input credit in GST benefit either,” said Mohta.

  • Published On Sep 30, 2023 at 09:40 AM IST

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