The West Bengal government has extended the rebate on stamp duty and circle rate till March 2023, an official said on Wednesday. The decision was welcomed by the industry as a puja gift.
The West Bengal government is providing a 2 per cent reduction in stamp duty and a 10 per cent rebate in circle rate since 2021, a step taken to bring traction in the pandemic-hit economy.
“The decision by the West Bengal government to extend the rebate in stamp duty and circle rate is a coveted Durga Puja gift. Such breathers will also accelerate sales in the real estate sector,” Credai West Bengal President Sushil Mohta said.
The state government has earlier extended the rebate twice since introduced last year.
This would help prospective home buyers take decisions, Mohta said.
“We also request the government to reduce the circle rates, particularly for land in suburbs, Salt Lake (IT hub) Sector V. We also urge the government to permanently reduce stamp duty on constructed properties by 2 per cent,” he said.