In a serious fillip to the true property trade, West Bengal has proposed a two per cent discount within the charge of stamp obligation on registration of property in its funds for 2021-2022.
The funds proposed to scale back the speed of stamp obligation by two per cent from the current charge of six per cent in city and 5 per cent in rural (property worth of greater than Rs 1 crore attracts an extra one per cent). The aid was being granted for registration of deeds affecting sale/lease of land/home/flat.
The primary monetary assertion of the Trinamool Congress authorities in its third time period, additionally introduced a ten per cent deduction within the circle charge of property, which determines the worth at which a property is registered.
The rebates referring to the true property trade might be availed if the registration course of is accomplished by October 30, 2021.
The federal government expects the measures introduced for the true property trade to create further demand for the sector, which can have a multiplier impact on the financial system.
Sushil Mohta, president,