West Bengal: Two-month extension of realty benefits – Times of India

Kolkata News

KOLKATA/ SILIGURI: Chief minister Mamata Banerjee on Tuesday announced further extension of stamp duty and circle rate sops for home buyers for two months. The CM said during the administrative meeting in north Bengal that these sops will be extended for two months till December 31.
The 2% reduction in stamp duty and 10% cut in circle rates were initially offered for a limited period up to October 30 by the state government as part of this year’s budget sops. This has led to a 75% spike in Kolkata in the quarter ending in September over the same period last year. Credai West Bengal, the apex body for real estate developers, and Credai Bengal had earlier written to the state government, seeking an extension of the sop.
The president of Credai West Bengal, Sushil Mohta, welcomed the move by saying that it will bring more revenue to the state coffer and will be a huge relief for home buyers. “This will also give a big boost to the real estate industry. We had requested for an extension and we are really thankful to CM for this,” he said. Credai National president H V Patodia also welcomed the move and said it is a good move for the real estate industry.
The chairman of Ambuja Neotia Group, Harsh Neotia, said, “The registration process was clogged up with many people rushing for it. For industry, the announcement of the CM is a big relief,” he added. Credai Bengal president Nandu Belani said recently that the response to the stamp duty cut and circle rate reduction has been tremendous. An international property consultant, in his July-September report for 2021, had highlighted this 75% spike in Kolkata’s residential sales.
Siddharth Pansari, director, Primarc group said, “The extension of registration at subsidized rate is a great progressive step by the government. It shall bring cheer and happiness to thousands of families and be of immense help to the real estate industry.”

Source: https://timesofindia.indiatimes.com/city/kolkata/2-mnth-extension-of-realty-benefits/articleshow/87289560.cms