The performance of the residential real estate sector is getting stronger in the ongoing festive period in Greater Kolkata or Kolkata Metropolitan Area (KMA) aided by the 2 percent stamp duty rebate, according to Knight Frank India.
Around 4,683 apartment sales documents were registered in October 2021 while the number or residential sales deeds registered remained a little shy of September 2021. The YoY growth of 87 percent surpassed the growth recorded in the previous month.
In September 2021, 4,846 apartment sales documents were registered in Greater Kolkata. Unlike the past trend, when the Durga Puja festivity period used to witness lack of action in commercial activities in Kolkata, the prospect of savings on account of stamp duty cut led homebuyers to flock to registration offices in Oct 2021. The rebound in confidence towards home ownership is indicative of increasing buyer demand which is vital for the growth of the real estate sector.
Given the homebuyer response towards this sop, the West Bengal state government has extended the stamp duty cut window by additional three months until January 31, 2022. This has been done with a view to combat the economic slowdown situation in the state due to COVID-19 pandemic and provide relief to homebuyers.
The stamp duty cut benefit will remain available for documents (except the documents for amalgamation of contiguous land) presented for registration before the registering authority by this date. The 10 percent reduction in circle rates will also continue till January 31, 2022, which will further incentivize homebuyers to sign the deals, Knight Frank said.
