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Sushil Mohta,President,Credai West Bengal welcomes the budget

“ We wholeheartedly welcome the decision taken by the state Govt of extending the time period of stamp duty rebate till September this year. This will boost the pandemic ridden real estate sector a great deal. It will also motivate more people to own their new property in the state. The Govt of West Bengal took a laudable initiative of reducing the circle rate and stamp duty in last six months which has resulted in good sales of properties. It is  also heartening to note  the rise in sale of new homes  since  the rebate on stamp duty and circle rate was announced by the State Govt.  However the period December 15  to January 15 was not an auspicious period for Bengalis for buying any property.  But the registration has gone up after 15th January  and the real estate sector in West Bengal could  contribute a whopping Rs 8000 crore  to the state exchequer.
“In Real estate sector, customers are burdened with GST in addition to the stampt duty / registration charges.  To add to this , the cost of construction also goes up due to applicable GST on construction materials and labour at a very high rate without Input credit .The unprecedented hike on prices of steel cement aluminium copper pvc has increased cost by 20%.So the decision of the State Govt to extend the period of rebate to September is a breather for the consumers as well. added Sushil Mohta.
“We also request the Govt to reduce the circle rates particularly for land in suburbs, sector V and also permanently  to reduce the stamp duty on constructed properties by 2% and also permanently reduce the stamp duty on constructed properties by 2%  the stamp duty on the constructed property,  said Sushil  Mohta, President , Credai West Bengal and Chairman, Merlin Group.
“In Real estate sector, customers are burdened with GST in addition to the stampt duty / registration charges.  To add to this , the cost of construction also goes up due to applicable GST on construction materials and labour at a very high rate without Input credit .The unprecedented hike on prices of steel cement aluminium copper pvc has increased cost by 20%”, added Mr. Mohta.

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