West Bengal has extended the 2 percent exemption on stamp duty and a 10 percent reduction in circle rates of property in the state until June 30, 2024, a government order stated on September 29.
The order from the West Bengal Finance Department (revenue) said, "To extend relief for homebuyers, the state government has decided the benefits of notification no 1281 FT dated October 30, 2021, and Notification No 1282 FT dated October 30 2021, till June 30, 2024."
The existing relief was ending on September 30, 2023. It was previously extended by the state government due to the economic slowdown caused by the COVID-19 pandemic.
Major relief
Realtors say that amid the increase in the interest rate and the cost of raw materials, construction costs have gone up.
"This extension of the stamp duty from the state government would further encourage a lot of real estate buyers to close their transactions. Moreover, a lot of old customers are likely to register their properties who have not completed the process in the last two decades," Sushil Mohta, president of Credai West Bengal and Chairman, Merlin Group said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
