Reactions on West Bengal State Budget

Reactions on West Bengal State Budget

Mr. Abhishek Bharadwaj, Chief Marketing Office, Shristi Infrastructure

"As announced in the State Budget, the relief to the real estate in terms of a 2% reduction in stamp duty and a 10% reduction in Circle Rate will act as a catalyst for the industry. It's is indeed a very welcome step for boosting demand in the state."

Mr. Nakul Himatsingka, Managing Director, Ideal Group

"The above reliefs are extremely positive and will help the sector a lot. The reduction in stamp duty shall help the buyers significantly and shall also help in boosting sales. The reduction in circle rates removes the anomalies that existed in certain areas where rates were higher than market prices and hence shall help augment demand."  

Mr. Arya Sumant, Managing Director, Eden Realty

"This is a welcome move by the State Government and will provide immediate relief to the homebuyers during this pandemic. It would not only help in securing the current booking but also excite customers to invest in real estate giving an immediate boost to the real estate industry. The circle rate is always higher in most of the regions so this will also help to convince buyers to immediately go for registration."

Mr. Rishi Jain, Managing Director, Jain Group

"The budget is undoubtedly favourable news all around.

The lowering of stamp duty and reduction in circle rates are measured to boost transactions in the real estate sector. A great measure to accelerate the states growth engine.

It is commendable that the State Government is picking up successful measures like reduction in stamp duty from other states like Maharashtra and quickly replicating in West Bengal.

The budget measures are sure to boost the already buoyant real estate market of West Bengal.

The slew of welfare measures announced also needs due recognition and appreciation." 

Mr. Sanjay Jain, Managing Director, Siddha Group

"The State Government has announced a reduction of 2% in stamp duty for home buyers. This will give a boost to the existing home buyers especially the middle-income segment and help to reduce their financial burden due to uncertainty created by the Covid-19 pandemic. There is also a further 10% reduction in the circle rate which will add to the savings of the home buyers.

This benefit to the home buyers will boost up the real estate sector and will help in the improvement of demand for various materials related to the real estate industry, thereby giving a boost to the economy of the State of West Bengal. Overall the step taken by the State Government is a boon for all segments namely MSME, manufacturing sector, and real estate sector and this will benefit them in revenue generation as it had been seen that the total registration volume had gone up manifold in other states where the government had announced the reduction in stamp duty."

Mr. Jitendra Khaitan, Managing Director, Pioneer Property Management Limited

"The State Budget Of West Bengal is a welcome move for the real estate industry.  The reduction of stamp duty impact will be anywhere to 28 - 40% of whatever the stamp duty rate is at present. West Bengal Has different duty slabs for different transaction values in the state. Another welcome move is the reduction of the circle rate 10% in the state. 

There are few areas where circle rates were higher than the actual transaction value in those particular areas or the project. By reducing 10%, Finance Minister Mr. Amit Mitra has tried to boost the real estate sector. As the difference in transaction value and the circle rate was in fact penalizing the buyer and seller as an extra income tax burden. As the transaction value and circle rate gap will be minimized and almost be over, it will boost a lot of buyers and sellers for concluding the transaction which were stuck because of the difference in transaction value and circle rate."