West Bengal Government Withdraws 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The West Bengal government has withdrawn the temporary relief measures provided to the real estate sector, including a 2% reduction in stamp duty and a 10% slash in the circle rate.
Real EstateWest BengalStamp DutyCircle RateCovid 19Real EstateJul 01, 2024
The withdrawal of the relief measures is effective from July 1. According to a government circular, the matter was reviewed further, and considering all aspects, the governor decided to discontinue the schemes for remission of stamp duty and reduction in circle rate.
Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, expressed gratitude to the state government for the relief measures. However, he also urged the administration to reconsider the latest decision. Mohta pointed out 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. In 2023, the sector contributed Rs 7,500 crore from property registrations.
Mohta urged the government to consider revising the circle rate to help the sector reevaluate the pricing of residential units. He also suggested a reduction in stamp duty to further support the industry. According to Mohta, the sector is expected to continue its growth trajectory with increased urbanization and rising disposable incomes.
Information
The COVID-19 pandemic had a significant impact on the real estate sector, leading to a slowdown in the economy. To combat this, the West Bengal government introduced temporary relief measures, including a 2% reduction in stamp duty and a 10% slash in the circle rate. These measures were extended several times to support the sector.
CREDAI West Bengal is a real estate developers' association that represents the interests of the sector. Merlin Group is a real estate development company based in West Bengal.
Keywords real estate sector, West Bengal government, stamp duty, circle rate, COVID-19 pandemic, CREDAI West Bengal, Merlin Group.
Frequently Asked Questions
What relief measures were provided to the real estate sector by the West Bengal government?
The relief measures included a 2% reduction in stamp duty and a 10% slash in the circle rate.
When were the relief measures introduced?
The relief measures were introduced on October 30, 2021.
Why were the relief measures introduced?
The relief measures were introduced to combat the economic slowdown caused by the COVID-19 pandemic.
What is the impact of the withdrawal of the relief measures on the real estate sector?
The withdrawal of the relief measures is expected to affect the growth of the real estate sector, which is a significant contributor to the state exchequer.
What is CREDAI West Bengal?
CREDAI West Bengal is a real estate developers' association that represents the interests of the sector.
Related News Articles
SCB-GHMC Merger: A Boon for Hyderabad's Realty Sector
The merger of Secunderabad Cantonment Board with GHMC is expected to bring in a slew of benefits for property owners, residents, and builders, including lower stamp duty rates, streamlined approvals, and improved infrastructure.
Hyderabad Real Estate Market Sees Unprecedented Growth in H1 2024
Hyderabad's real estate market witnessed a significant surge in sales value, with total home sales worth ₹58,841 crore in H1 2024.
Navigating India's Real Estate Landscape: Trends, Challenges, and Opportunities
Join us as we explore the latest developments in India's real estate sector with Mr. Angad Bedi, Chairman and Managing Director of BCD Group, a prominent player in the industry.
Diwali Dampens Real Estate Market: Sales Decline in Major Cities
Residential sales bookings have witnessed a significant drop of 10-15% in the run-up to Diwali due to rising property prices and a lack of new launches in cities like Mumbai, Hyderabad, and others. Developers initially anticipated a 20-40% increase in sal
Emaar India Launches Luxurious Residential Project 'Amaris' in Gurugram
Emaar India, a leading real estate developer, has recently unveiled its latest luxury residential project, 'Amaris,' in the bustling city of Gurugram. This new development promises to redefine urban living with its state-of-the-art amenities and prime loc
Sunteck Realty Reports 40% Rise in Sale Bookings to Rs 635 Crore
Mumbai-based Sunteck Realty, a leading real estate developer in the country, has reported a 40% increase in sale bookings to Rs 635 crore in the latest December quarter, fueled by strong housing demand.