STAMP DUTY REBATE
Bengal government withdraws 2% stamp duty, 10% circle rate relief for real estate sector
The West Bengal government has decided to end temporary relief measures for the real estate sector, including a 2 per cent stamp duty reduction and 10 per cent circle rate slash, effective July 1. Initially introduced in October 2021 to combat COVID-19 economic impacts, the benefits were extended multiple times. Sushil Mohta, of CREDAI West Bengal, expressed gratitude for the measures but urged a reconsideration, emphasizing the sector's significant contributions to the state's economy.
Kolkata records 17% Y-o-Y surge in property registrations in March 2024
In March 2024, the Kolkata Metropolitan Region witnessed a significant increase in apartment registrations, with 3,936 units registered, marking a 17% year-on-year growth, as reported by Knight Frank. The real estate sector in Kolkata has been advocating for the extension of stamp duty rebate, which is expected to boost residential sales further. The data indicates a shift towards smaller apartment sizes, with units under 500 sq ft comprising 45% of total registrations, up from 24% in March 2023. The South Zone led in apartment registrations, followed by the North Zone, both offering affordable options in the residential market.
UP is giving huge discounts on stamp duty and registration charges in Noida and Ghaziabad, but...
The government has issued a notification, effective immediately, granting a substantial 50 per cent exemption on stamp duty and a full 100 per cent waiver on registration fees for these prominent multinational corporations. Typically, stamp duty accounts for 5 per cent of the property cost, while the registration fee is fixed at 1 per cent.
Kolkata's real estate market shows robust growth in 2023: Report
In the residential sector, Kolkata's real estate market witnessed a robust demand throughout 2023, driven by the continuation of the stamp duty rebate. A total of 14,999 residential units were sold, showcasing a significant 16 per cent growth in sales volume over 2022. This represents a notable recovery from a 10 per cent decline observed in 2022 compared to 2021.
Mumbai property market stamp duty collection records best-ever May
Mumbai, the country’s largest and most expensive real estate market, continued its record-setting spree by scaling a new peak in terms of stamp duty collection for the month of May despite higher mortgage rates and property prices.
Industrial units to get 50% rebate in VAT in Haryana for using natural gas
A decision in this regard was taken in the meeting of the standing finance committee held here under the Chairmanship of Chief Minister Manohar Lal Khattar. Deputy Chief Minister Dushyant Chautala was also present in the meeting. Now the industries that will meet their energy requirement from CNG, PNG will get a 50 per cent exemption in VAT, govt said.
Maharashtra govt to study, consider stamp duty reduction, says CM Shinde
As a minister of Urban Development in the previous government, Eknath Shinde had already provided concessions on premium to the real estate industry that helped its revival to a large extent and is willing to extend support to the industry even now.
West Bengal govt extends rebate on stamp duty till end of 2022
The West Bengal government provided a 2% reduction in stamp duty and a 10% in circle rate taken in the year 2021, helping revive the pandemic ridden real estate sector. The state government has earlier extended the rebate twice since its first implementation a year ago. August 2021 saw the highest number of residential sales agreements being registered in KMA since the inception of the stamp duty window in July 2021.
Kolkata house sales soar in July as buyers rush to avail benefits of stamp duty cut
July 2022 is the second-best month in terms of sales registration volume after August 2021. On a month-on-month basis, July 2022 also recorded a strong 120% increase over the properties registered in June 2022. This high annual growth is due to the urgency to avail the benefit of the reduced stamp duty before the closure of the rebate window.
4 ways to legally save on property registration charges
The SC mandates the compulsory registration of property in case of transfer of title through a conveyance deed or sale deed. If one does not register the property, there is always an inherent risk of a future dispute. The government encourages registration too. But did you know that there are ways in which a home buyer can save on the property registration charges, and that too legally? Here is a look at four ways a buyer can save on property registration charges.
Property transactions in Delhi to become costly from July 1 as government discontinues circle rate rebate
The move, according to realtors, will make the property transaction costlier and impact the real estate sector in the capital, which had gained momentum because of the benefit announced by the government.
Mumbai property registration scales yet another peak with 11,744 deals in best-ever April
The country’s financial capital witnessed registration of over 11,744 property deals in April, making it one of the highest performances ever, showed data from the Inspector General of Registration, Maharashtra. While registration number rose 16% from a year ago, the state exchequer fetched 43% higher revenue at Rs 738 crore, a 10-year high for the month of April.
Home sales in Kolkata jump 62pc in 2021: Report
New launches also saw a whopping rise of 81 per cent year-on-year with the addition of 7,510 units in the last calendar year, Knight Frank India said in its second half-yearly study of 2021.
Registration of homes in Kolkata region down 62% in Nov; up 79% in Jan-Nov on stamp duty rebate
Kolkata-based Emami Realty Managing Director and Chief Executive Officer Nitesh Kumar said, "It is a good time for the realty sector in West Bengal. As a result of the extension of the stamp duty cut window, the real estate market of the state continues to benefit."
Stamp duty rebate gives big boost to Greater Kolkata’s real estate market: Report
The stamp duty cut for documents which complete registration between 9th July 2021 to 30th October 2021. Coupled with a 10% reduction in circle rates, the fence sitters are now getting back to the market to seal the deals.
Bengal Budget FY22: Government grants road tax waiver, stamp duty rebate
Presenting the Budget, state industry minister Partha Chatterjee, who had placed the vote-on-account in the House on February, said the government has decided to extend the one- time exemption of motor vehicle tax for the period starting July 1, 2021 to December 31, 2021.
Sops drive more women to seal home deals in Maximum City
Women home buyers accounted for 4.7% of the new houses sold in the city in June, up from 1.8% in May but slightly lower than the 6.6% recorded in April, the month from which the state government said women home buyers will be charged a discounted stamp duty rate of 4%, data from property consultant Knight Frank India showed.
Mumbai property registration continues to rise in June on stamp duty cut spillover effect
Property buyers who had paid stamp duty on or before March end are allowed to register their deals within a maximum window of four months until July 31 from the date of stamp duty payment.
Realtors urge Maharashtra govt to reduce stamp duty as registrations, collection take a hit
In separate letters to Chief Minister Udhav Thackeray, Finance Minister and Deputy Chief Minister Ajit Pawar and Revenue Minister Balasaheb Thorat, developers’ body CREDAI MCHI has requested the government to reintroduce the waiver by reducing stamp duty charges to 2% in Mumbai given the impact of second wave of Covid19 pandemic.
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