West Bengal Chief Minister Mamata Bannerjee has taken a good decision extending the reduction in the stamp duty on property registration by two more months during the current Covid-19 turbulent period. Besides it, she went on record declaring that the 10 per cent reduction in circle rates would continue till March 31. As announced in the budget, the reduction in stamp duty and circle rates should have been expired by October 30 last year as declared in the state’s budget. But, these concessions have been extended till Jan 31. Giving one more dose of extension, these concessions will continue till March 31.
Several real estate projects benefited because of these measures so also the property buyers. The reduction helped the West Bengal government net revenue of Rs 75000 crore by way of registration of properties. In Greater Kolkata region, 44,940 units were sold in 2021, registering a growth of 64 per cent compared to property sales in 2020, according to statistics. Under the current prevailing situation, the state governments are supposed to take decisions that bring great relief to the realty sector.
However, the Government of Telangana revised the market value of lands upwards twice in the last six months and increased the registration charges, instead of reducing the stamp duty to lend support to the real estate sector. As a result, the people have been burdened. Several real estate firms termed the timing of the upward revision are not appropriate. Yet, the Chief Minister KCR went ahead with the agenda turning a deaf ear to their pleas.
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