2% rebate on stamp duty, 10 % waiver on circle rate extended till September
KOLKATA: In order to provide further relief to the home buyers who had been affected due to the COVID-19 pandemic, the state government has announced extension of the 2 per cent rebate on stamp duty and 10 per cent waiver on circle rate of land for another six months till September 2022 in the state Budget tabled at the state Assembly on Friday. .
The 2 per cent relief on stamp duty and 10 per cent reduction in the property circle rate was effective till March 31, 2022 in January this year. "There has been 25 per cent increase in revenue collection with the state government's move in stimulating the real estate sector. The 10 per cent waiver on circle rate has resulted in registration of 20 lakh deeds,"Amit Mitra, principal chief advisor to the Chief Minister and Finance Department said after the Budget announcement.
The state government for the first time in July last year had reduced the stamp duty for registration of deeds affecting sale or lease of land, house or flat by 2 per cent considering the Covid situation and it was valid till October 31. It was further extended till January 31 this year. Similar was the case with circle rate or market value for registration of deeds of land, house and flat that was reduced by 10 per cent for the first time in July and was extended till October and further till January 2022.
Since the rebate was introduced, 28,935 homes have been sold in Greater Kolkata till February 2022. Total number of residential sales deeds registered in January and February this year has been 2391 and 1593 respectively. The highest number of residential sales deeds registered since the reduction has been 7316 in August 2021.
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 six per cent and four per cent in urban and rural areas respectively. It was reduced by two per cent for both.