West Bengal Government Removes 2% Stamp Duty and Reduces Circle Rates by 10%

West Bengal government has decided to end the temporary relief measures for the real estate sector, which included a 2% reduction in stamp duty and a 10% decrease in the circle rate. These measures, which were originally introduced on October 30, 2021, to address the economic impact of the COVID-19 pandemic, have been extended multiple times but will now cease to apply effective Monday.

After further review and taking all factors into account, the governor has decided, in the interest of public service, to discontinue both the schemes for stamp duty remission and circle rate reduction starting from July 1st ," according to a government circular.

The President of CREDAI West Bengal expressed appreciation to the state government for the relief measures while also appealing to the administration to reconsider their recent decision.

The stamp duty rebate and circle rate reduction, extended for more than two and a half years, provided significant support to the real estate sector during the pandemic. This sector is the second largest employer and a major contributor to the state revenue. In 2023 alone, property registrations from this sector amounted to Rs 7,500 crore, as noted by the President of CREDAI West Bengal. He called on the government to reconsider adjusting the circle rate to assist the sector in reassessing the pricing of residential units.

The President of CREDAI West Bengal expressed optimism that the sector would maintain its growth momentum, driven by urbanization trends and rising disposable incomes.

By LNN (Liyaans News Network)