Bengal Realtors Seek Further Extension On Stamp Duty Relaxation

As per the Knight Frank Report, the Stamp Duty cut of 2% which was implemented by State Government till 30th October, 2021 have created an impact on increase in registration of homes in 2021. Later on, it was extended up to January, 2022. But noticing that the sales during this period getting affected significantly due to extensive rise in Covid 19 cases owing to the ongoing 3rd wave, the Bengal Realtors seeks further extension of the benefit of 2% reduction on stamp duty and 10% relaxation on Circle Rate till 31st March, 2022. The realtors assume that the extension of relaxation will fill up the gap in the industry.

Mentioned below are the reactions from the realtors of West Bengal.

Mr Arya Sumant, Managing Director, Eden Realty

Further extension of 2% reduction on stamp duty and 10% relaxation on Circle Rate till 31st March 2022 is a great idea as it will help the industry in terms of generating new sales as well as better revenue for the government during this period.

Mr Rishi Jain, Managing Director, Jain Group

The stamp duty cut has greatly complimented the buoyant real estate market. Statistics from the directorate of registration and stamp revenue have shown that almost 40,000 deeds were registered during January 2021 to October 2021 which is exactly double of the number of registrations made in the year 2020.

Due to the unexpected rise in the third wave of covid 19, partially opened offices and partially open government departments, the speed of work has gotten greatly affected. Disruption of daily life makes December 2021& January 2022 ineffective if we wish to get the stamp duty extension benefit. So hopefully further extension of the stamp duty benefit would be helpful for all stakeholders involved.

Mr Nakul Himmatsingka, Managing Director, Ideal Group

We are working with the clients to register their flats so they can avail benefits of this scheme. However, we find that the covid wave is seriously impacting their ability to complete their balance payments as well as complete the legal formalities. An extension of the time will be extremely helpful. Additionally, we find that the scheme has helped generate fresh demand in completed apartments where clients are able to close the deal and pay quickly. This too will be supported by an extension of the deadline.

Mr Abhishek Bhardwaj, Chief Marketing Officer, Shristi Infrastructure Development Corporation Ltd

With the real estate industry slowly getting back to normalcy additional incentives like reduction in stamp duty will boost the morale of the developers as well as provide the home buyers an opportunity to register their property. With a recent surge in COVID cases, an extension in the stamp duty relaxation will definitely help the industry in general.

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