Kolkata Home Registrations Jump Over 2 Times on Stamp Duty Cut
Registration of residential properties in Kolkata metropolitan area jumped more than twofold to 15,160 units during July-September period mainly driven by stamp duty reduction by the state government, according to Knight Frank. Property consultant Knight Frank said that a total of 15,160 residential sales deeds were registered in Kolkata metropolitan area during July-September 2021, up 122 per cent from the corresponding period of last year. Registrations in July, August and September increased year-on-year by 39 per cent, 268 per cent and 80 per cent, respectively. As many as 7,316 units were registered in August 2021, the highest monthly sales this year. The West Bengal government announced a 2 per cent rebate on stamp duty for registration of all documents (except the documents of amalgamation of contiguous land) in its state budget in July 2021. The stamp duty cut benefit is available for documents which complete registration between July 9, 2021 and October 30, 2021. The stamp duty cut coupled with a 10 per cent reduction in circle rates has brought fence sitters back to the market. Swapan Dutta, Senior Branch Director, Kolkata, Knight Frank India, said the stimulant announced by the state government was critical for the growth of the market. "We expect this move will further propel fence sitters to make their purchase decisions, he added.
Tags : News/Views Stamp Duty Knight Frank India Kolkata Metropolitan Area West Bengal Government Home Registrations Residential Sales Deeds