The real estate industry is expected to generate record state revenue of more than Rs 8,000 crore during the current fiscal year.
The West Bengal government has decided to extend the 2% rebate on stamp duty and 10% reduction in circle rates until March 31, 2023. The state finance department made this decision in a notification issued on Thursday, citing the interests of public service and home buyers, as well as the representations made by the real estate industry amid rising interest rates. The rebate has contributed to the success of the real estate market in the region and led to brisk sales and record collections of stamp duty and registration fees by the government. The industry expects to see record revenue collection by the state during the current fiscal year, surpassing the Rs 8,000 crore ($1.1 billion) mark. The extended rebate and reduction in circle rates are expected to provide compensation for increasing interest rates and the cost of home purchases for buyers until March 2023. Knight Frank estimates that since the initial stamp duty cut announcement in July 2021, 72,790 residential properties have been registered in the city from 17 months till November 2022, compared to the 44,736 units registered in the preceding 17 months.
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