Bengal Government Rolls Back Relief Measures for Real Estate Sector
The West Bengal government has withdrawn the temporary relief measures provided to the real estate sector, including a 2% reduction in stamp duty and a 10% slash in the circle rate, effective from July 1.
Real EstateStamp DutyCircle RateCredaiMerlin GroupReal Estate NewsJul 01, 2024
The decision to discontinue the schemes was made after reviewing all aspects, according to a government circular. Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, expressed gratitude to the state government for the relief measures but also urged the administration to reconsider the latest decision.
Mohta highlighted that the rebate in stamp duty and reduction in circle rate, extended for over two and a half years, significantly benefited the pandemic-ridden real estate segment, which is the second highest employment generator and a substantial contributor to the state exchequer. In 2023, the sector contributed Rs 7,500 crore from property registrations. He urged the government to consider revising the circle rate to help the sector reevaluate the pricing of residential units and suggested a reduction in stamp duty to further support the industry. Mohta expressed hope that the sector will continue its growth trajectory with increased urbanization and rising disposable incomes.
Information CREDAI (Confederation of Real Estate Developers' Associations of India) is the apex body of real estate developers in India, representing over 12,000 members across the country. Merlin Group is a leading real estate developer in Kolkata, known for its high-quality residential and commercial projects.
CREDAI West Bengal is the state chapter of CREDAI, representing real estate developers in West Bengal. Merlin Group is a renowned real estate developer in Kolkata, with a strong presence in the city's property market.
Frequently Asked Questions
What was the purpose of the temporary relief measures provided to the real estate sector?
The relief measures were introduced to combat the economic slowdown caused by the COVID-19 pandemic.
How long were the relief measures extended?
The relief measures were extended for over two and a half years.
What was the contribution of the real estate sector to the state exchequer in 2023?
The sector contributed Rs 7,500 crore from property registrations in 2023.
What is CREDAI?
CREDAI is the apex body of real estate developers in India, representing over 12,000 members across the country.
What is Merlin Group?
Merlin Group is a leading real estate developer in Kolkata, known for its high-quality residential and commercial projects.
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