West Bengal Government Rolls Back Stamp Duty and Circle Rate Relief for Real Estate Sector
The West Bengal government has withdrawn temporary relief measures for the real estate sector, including a 2% reduction in stamp duty and a 10% cut in circle rate.
Real EstateStamp DutyCircle RateCovid 19 PandemicEconomic SlowdownReal EstateJul 01, 2024
The last extension was valid until June 30 this year. According to a government circular, the governor has reviewed the matter and decided to discontinue both schemes in the interest of public service. Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, expressed gratitude to the state government for the relief measures but urged the administration to reconsider the latest decision. He emphasized that the rebate in stamp duty and reduction in circle rate significantly benefited the pandemic-ridden real estate segment, which is the second highest employment generator and a substantial contributor to the state exchequer.
Mohta suggested revising the circle rate to help the sector reevaluate the pricing of residential units and reducing stamp duty to further support the industry. Despite the withdrawal of relief measures, Mohta remains optimistic about the sector's growth trajectory, citing increased urbanization and rising disposable incomes.
Frequently Asked Questions
When were the relief measures introduced for the real estate sector?
The relief measures were introduced on October 30, 2021.
What benefits did the real estate sector receive during the pandemic?
The sector received a 2% reduction in stamp duty and a 10% slash in circle rate.
Why were the relief measures withdrawn?
The governor reviewed the matter and decided to discontinue both schemes in the interest of public service.
What is the contribution of the real estate sector to the state exchequer?
The sector contributed Rs 7,500 crore from property registrations in 2023.
What is the growth trajectory of the real estate sector according to Sushil Mohta?
Mohta expects the sector to continue its growth trajectory with increased urbanization and rising disposable incomes.
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