Real estate sector hails extension of reduction of stamp duty, circle rate

Kolkata: The real estate industry has thanked Chief Minister Mamata Banerjee and her Chief Financial Advisor Amit Mitra for extending the reduction in stamp duty and circle rate valuation till March 31, 2022. The state government had announced the sops to the beleaguered real estate developers in July last year by announcing 2 per cent reduction in stamp duty and 10 per cent relaxation in circle rate.

"This will further enable to avail the discounts in registration costs, making it a win-win for all. We are optimistic that the real estate players will announce more sops and freebies for the consumers and more units will be sold. This has been the much needed fillip to the sector indeed," Sushil Mohta,Chairman, Merlin Group and President, Credai West Bengal said. He added that this financial relief will help several projects and consumers will be largely benefitted.

So far over 75,000 crore worth registrations happened in Bengal contributing huge revenue to the exchequer.

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