Rebate on stamp duty & circle rate extended till March 2023

MP | 30 Dec 2022 | Kolkata: In its endeavour to provide further impetus to the real estate sector, the Bengal government has extended the rebate on the stamp duty and circle rate till March 2023. 

The state had provided a 2 per cent reduction in stamp duty and a 10 per cent in circle rate for the first time in July last year considering the Covid crisis. The government on more than one occasion extended the rebate on both stamp duty and circle rate. 

"Now in the interest of public service and also considering the interest of the home buyers who have suffered extremely due to the COVID-19 pandemic, it has been decided by the Finance department to further extend the benefits till March 31, this year," a senior Nabanna official said. Sushil Mohta, 

Chairman Merlin Group & President, CREDAI West Bengal said that the real estate market has been doing well because of the rebate extended by the government and this year the sales have been brisk. Mohta also elucidated that there has been a record collection on account of stamp duty and registration fees by the Bengal government.
"By March 2023, we hope that the total collection this year should cross Rs 8000 crore against Rs 7000 crore last year. The highest collection ever was achieved not only due to the new sales but also because of the number of people coming forward for registration of deeds who did transactions long back, say 20 to 25 years ago but didn't register. 

Therefore, it is a 'win-win' situation for all the stakeholders i.e. the Government, the public at large and the developers," Mohta remarked. He added that the cost of customers escalated due to an 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. 

https://www.millenniumpost.in/kolkata/rebate-on-stamp-duty-circle-rate-extended-till-march-2023-503829