The state has now updated the registration process for flats and houses to align with RERA guidelines. Instead of the previous norm of registering based on super built-up area, homes will now be registered based on carpet area. The state has now updated the registration process for flats and houses to align with RERA guidelines. Instead of the previous norm of registering based on super built-up area, homes will now be registered based on carpet area.

The super built up area, which includes common facilities like staircase, landing and open areas, is generally 20% higher than carpet area — a super built area of 1,000 square feet translates into 800 square feet of carpet area.

The stamp duty paid by buyers, calculated according to carpet area, will be lower than in case of super built up area. However, the circle rate has been adjusted to some extent to avoid losses to the state exchequer. For instance, if the rate was Rs 3,500 per square feet in an area, it may be revised to Rs 4,000-Rs 4,200 per square feet or above, leading to the total outgo from buyers remaining almost unchanged.

In February 2021, the state had announced exemption in stamp duty and a reduction in circle rate for home buyers, which will be in force till this June. There has been a 2% exemption in stamp duty and 10% average reduction in circle rate for registration of properties. This was 5% for properties over Rs 1 crore. For properties below Rs 1 crore, it was reduced to 4% . In rural areas, it was reduced to 3% from 5%.

Kolkata’s residential real estate market experienced strong demand from homebuyers, driven by continuation of the stamp duty rebate. The market witnessed the sale of 14,999 residential units, reflecting a significant 16% growth in sales volume over 2022. The robust demand for home buying in 2023 prompted a substantial increase in new residential launches within the market. Incidentally, the projected revenue from stamp duty and registration fees this fiscal (2023-24) was Rs 7,473 crore for the state.

By LNN (Liyaans News Network)