Bengal extends rebate on stamp duty & circle rate till Dec end

Kolkata: To provide further boost to the real estate sector, the Bengal government has extended the rebate on stamp duty and circle rate till the end of this year.

The state had provided a 2 per cent reduction in stamp duty and a 10 per cent in circle rate for the first time in July last year considering the Covid situation and had on more than one occasion extended the rebate.

"Now, in the interest of public service and also considering the interest of home buyers who have suffered extremely due to COVID-19 pandemic, it has been decided by the Finance department to further extend the benefits till December 31, this year," a senior Nabanna official said.

Since the stamp duty cut announcement, at least 57,136 residential properties have been registered in the Kolkata Metropolitan Area (KMA). The numbers capture all residential sales documents registered with flat/apartment sizes mentioned, the registration data comprising transactions in both the primary and secondary markets.

About 6,238 residential properties have been registered in the Kolkata Metropolitan Area (KMA) in August 2022.

The stamp duty now stands at 4 per cent and 3 per cent in urban and rural areas for properties up to Rs 1 crore and 5 per cent and 4 per cent for properties above that ceiling, respectively.

Earlier, the stamp duty was 6 per cent and 4 per cent in urban and rural areas respectively. It was reduced by 2 per cent for both.