Relief for real estate: Reduction on stamp duty, rebate on circle rate extended till Sep 30

MP | 15 Feb 2023 : In a major relief to home buyers at a time when the Reserve Bank of India (RBI) has increased the repo rate making home loans costlier, state government has extended the reduction on stamp duty and rebate on circle rate for another six months till September 30, 2023, drawing appreciation from the real estate fraternity. 

Presenting the state Budget for the financial year 2023-24, Chandrima Bhattacharya, Minister of State for Finance (Independent charge), announced that the state government is extending the two per cent reduction on stamp duty and 10 per cent rebate on circle rates till September 30 in a bid to provide relief to home buyers. 

This decision came at a time when the prevailing extension of reduction on stamp duty and rebate on circle rate was about to end in March. She said that the state government’s decision to offer a rebate led to more than 34 lakh flat registrations by small flat owners between July 2021 and December 2022. 

“This has set a record in terms of real estate growth in the country,” she said. Reacting to the same, Sushil Mohta, president, CREDAI West Bengal and Chairman, Merlin Group, said that the real estate fraternity is indebted to the state government and Chief Minister, Mamata Banerjee. 

He said: “The coveted extension for another six months has provided a fillip further to the real estate sector and the buyers at a time when the RBI has been continuously enhancing the repo rate resulting in the rise in the home loan rate.” 

 the momentum of the growth that we witnessed in 2022. Besides the cost of customers was increased due to increase in interest rate, this will be a good compensation for customers to come forward, do transactions in the financial year 2023-24 also,” he added. 

“We estimated that the total collection of revenue to the exchequer due to the rebate on stamp duty and circle rate would cross Rs. 7200 crore by March 2023. 

However, with the extension till September, there will be a manifold jump in the collection during 2023-24,” he said. 

https://www.millenniumpost.in/bengal/relief-for-real-estate-reduction-on-stamp-duty-rebate-on-circle-rate-extended-till-sep-30-508843