The developers of west Bengal has got the help from the state on certain packages like waivers on taxation and deductions on stamp duty of the properties when the real estate industry was drowning under heavy debts and at a halt due to Covid-19 pandemic. The CREDAI (The Confederation of Real Estate Developers Associations of India) of west Bengal also urges for property and municipal tax waivers including postponing the sanction fees of projects and validity extension of sanction plans for 1year during the lockdown period. To encourage the sales of the properties, the developers urge to the government of West Bengal for deduction of stamp duty charges from 7% to 5% for 12months.
The President of West Bengal CREDAI, Sushil Mohta said that with the acceptance of the government of such packages can help the sector to boost its sales with a positive impact until March 2021. He also added that the revenue system is at a harsh stage and facing huge losses day by day which can lead to bankruptcy and an unwanted breakdown of the realty sector. The developers of West Bengal also seek the extension of the delivery time of the projects for 12 months under ‘force majeure’.
The builders also urged for reducing the circle rates of by 20% and 30% of residential and commercial units including mercantile built-up space respectively. Sales of Property in Kolkata came to a halt due to the outbreak of coronavirus and hence this leads to a huge liquidity crisis in the industry. But with the help government norms and different aids in packages can heal the industry in the coming days with the availability of Residential Projects In Kolkata.
By LNN (Liyaans News Network)