The West Bengal government has provided welcome sops to home buyers by extending the stamp duty and circle rate relief for six more months, beyond March 31, 2023.
The move assumes significance in view of rising interest rates and the absence of any direct sop to property buyers in this year’s union budget. Credai has welcomed it. Sushil Mohta, President, Credai Bengal, says that the continuation of a 2% cut in stamp duty and 10% rebate on circle rate till September 30, 2023, would keep the last year’s growth momentum of the housing sector. He expects that due to these sops, the total revenue to state government that was expected to cross Rs 7200 crore mark by March 2023, will see a manifold jumpin 2023-24.