Demand for housing in Kolkata seems to have improved after the West Bengal government announced a 2% cut in stamp duty and 10% reduction in circle rates for a limited period as part of this year’s Budget.
According to Real Insight (Residential) – July-September (Q3)2021, a quarterly report by REA India-owned real estate company, PropTiger.com, builders sold 2,651 units in the West Bengal capital during the July-September period of 2021. This led to a 7% annual and 112% quarterly increase in sales numbers.
Under the offer by the state government, which is valid till October 30, 2021, homebuyers in Kolkata pay only 4% stamp duty for property purchases in urban and municipal areas and 3% stamp duty in rural areas. Mr. Rajan Sood, Business Head, PropTiger.com said, “Though the overall cost of construction has gone up due to the rise in crucial input material cost, buyers are still being offered discounts temporarily instead of otherwise resulting increase in prices.”
