West Bengal Revokes Temporary Real Estate Relief Measures, Industry Stakeholders Concerned
The West Bengal government has withdrawn temporary relief measures for the real estate sector, including a 2% stamp duty reduction and 10% circle rate cut, effective July 1, 2023.
Real EstateWest BengalStamp DutyCircle RateCredaiReal Estate MaharashtraJul 01, 2024
A government circular stated that the governor has decided to discontinue both schemes for remission of stamp duty and reduction in circle rate, effective from July 1, 2023. Industry stakeholders, including Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, have expressed gratitude to the state government for the relief measures but have also urged the administration to reconsider the latest decision.
Mohta 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. He urged the government to consider revising the circle rate to help the sector reevaluate the pricing of residential units. Mohta also suggested a reduction in stamp duty to further support the industry. Despite the withdrawal of the relief measures, Mohta remains optimistic about the sector's growth trajectory, driven by increased urbanization and rising disposable incomes.
Information CREDAI West Bengal is a non-profit organization that represents the interests of real estate developers in West Bengal. Merlin Group is a leading real estate company in West Bengal.
CREDAI West Bengal and Merlin Group are prominent entities in the real estate sector in West Bengal.
Frequently Asked Questions
What relief measures were provided to the real estate sector in West Bengal?
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.
Who has urged the government to reconsider the latest decision?
Sushil Mohta, President of CREDAI West Bengal and Chairman of Merlin Group, has urged the government to reconsider the latest decision.
What is the expected impact of the withdrawal of the relief measures on the real estate sector?
The withdrawal of the relief measures is expected to lead to increased costs for homebuyers and may impact the growth trajectory of the real estate sector in West Bengal.
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