State extends period of reduction in property circle rate till Jan 31

Kolkata: The state government has extended the period of 10 per cent reduction in the property circle rate till January 31.

In July the state government had reduced the circle rate or market value for registration of deeds of land, house and flat by a whopping 10 per cent. It remained applicable till October 31. Now, it has been extended till January 31. With overwhelming response it became difficult for the registration officers to accommodate such a heavy rush for registration following Covid guidelines imposed At the same time, registration offices were closed for several days at many places due to natural calamities.

The state Finance (Revenue) Department has issued a notification stating that "the reduction in the prevailing circle rates of all immovable properties in the state by 10 per cent" would remain in effect till January 31. The state government in July had also reduced the stamp duty for registration of deeds affecting sale or lease of land, house or flat by 2 percent in view of the Covid situation. 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.