Real Estate
West Bengal govt withdraws temporary relief measures to real estate sector
Mumbai/IBNS: The West Bengal government has withdrawn the temporary relief measures including a two percent reduction in the stamp duty and 10 percent cut in the circle rate earlier granted to the real estate sector, media reports said.
The withdrawal is effective from Monday (June 1).
The relief measures were given in 2021 to the sector to fight the economic slowdown due to Covid-19.
The slashing of rates was extended multiple times until June 30.
A government circular quoted by Economic Times reads, "The matter has been reviewed further and considered all aspects, the Governor, in the interest of public service, has now been pleased to decide that both the schemes for remission of stamp duty and reduction in circle rate shall be discontinued with effect from July 1."
A month after the conclusion of the Lok Sabha elections, the prices of petrol and diesel have been hiked in West Bengal.
The petrol price has increased by Rs. 1.1 to Rs. 104.95 while the diesel price has been hiked by Rs. 1 to Rs. 99.76.
The new prices were introduced on June 1.
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