West Bengal’s real estate industry applauded the state government’s move to prolong the stamp duty refund until June 2024.
Sushil Mohta, president of CREDAI West Bengal and chairman of Merlin Group, stated that the continuation of the stamp duty refund will assist the industry in achieving a growth trajectory.
Since the COVID-19 pandemic, the real estate industry has been struggling. However, it was able to survive due to the state government’s ongoing support in the form of a 2% stamp duty rebate and a 10% circular rate rebate. The extension of the refund will provide a much-needed boost to the business, according to Mohta.
It was challenging for them because of the significant rise in the price of raw materials and the increase in borrowing rates.
“However, the state government’s support is helping us keep the costs down for consumers. The extension of the rebate will further encourage real estate buyers to close their transactions and boost the sector significantly”, Mohta continued.
The realtor further stated that the extension would benefit both the state government and the buyers by increasing revenue to the state exchequer.
“Many old customers who have not registered their properties in the last two decades are likely to do so. This would also improve the state government’s revenue”, Mohta added.
The real estate industry accounts for 10% of the state’s GDP.
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