The relief was being granted for registration of deeds affecting sale/lease of land/house/flat. The first financial statement of state authorities in its third time period, also introduced a 10% deduction inside the circle rate of property, which determines the price at which a belongings is registered.The state Government expects the measures announced for the real estate industry to create additional call for the sector, with the intention to have a multiplier effect on the economic system.The reduction in the rate of stamp duty should help the customers and this must boost income. This announcement of the state government would inspire the real estate sector to release new projects and infuse fresh investments.
“The yesterday's announcements will boost the real estate industry and it's the beginning step towards boom of real estate industry. 2% reduction on stamp duty and 10% reduction on circle rates will boost the sentiments of property buyers and hence increase in sales in next 2 quarters.All pending registration will be concluded soon and huge amount will be received by the state exchequer. All income groups LIG/MIG/HIG will be benefited through more cash flows in hand.The overall property sales will get a hike the tune of minimum 15 to 20% in this quarter itself. Expecting a hike in property prices by 8% to 12% at the end of this fiscal year due to surge in input costs, non availability of GST input credits, non availability of appropriate configuration of demanded inventory etc.Kolkata and suburban areas still have shortage of inventory which homebuyers are looking for. Many developers are waiting for new launches, nearly 10 million sqft of spaces will expected to be launched in next 12 months.For home buyers, this is the best time to buy property for self use or investment purposes.Certainly, a win win situation for all stakeholders like developers, homebuyers, real estate agents, vendors, state exchequer etc.” said Mr. Mahesh Somani : President : RECA Kolkata. Chairman - National RERA Committee, NAR India.
By LNN (Liyaans News Network)