CREDAI Bengal Asks CM for Bailout
Property developers in West Bengal have sought from the state a bailout package, including tax waivers and temporary cuts in stamp duty, after the debt-heavy industry ground to halt due to the Covid-19-induced lockdown. The Confederation of Real Estate Developers Associations of India (CREDAI-West Bengal chapter) has demanded waiver of municipal tax and the property tax for the lockdown period. It has also sought extension of validity of all sanction plans by 12 months and deferment of sanction fees on new projects. Additionally, builders want the West Bengal government to bring down the stamp duty on property transactions to 5% from 7% for at least a year to boost sales. The real estate association has also requested the West Bengal Housing Industry Regulation Authority (WBHIRA), the state regulator, for a 12-month extension on delivery of projects under ‘force majeure’. It has also sought reduction by 20% in circle rate in all residential properties and 30% in all commercial and mercantile built-up space.
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