West Bengal State Budget 2023-24 & Real Estate Sector: A Short Commentary By Mr. Ketan Sengupta

The State Budget 2023-24 provided a bigger impetus to the real estate sector.The budget proposed to reduce the rate of stamp duty by two per cent from the present rate of six per cent. The relief was being granted for registration of deeds affecting sale/lease of land/house/flat.

The budget also announced a 10 per cent deduction in the circle rate of property, which determines the value at which a property is registered. The rebates relating to the real estate industry can be availed if the registration process is completed by September 30, 2023.

The government expects the measures announced for the real estate industry to create additional demand for the sector, which will have a multiplier effect on the economy.

This announcement of the state government would encourage the real estate sector to launch new projects and infuse fresh investments.

(Mr. Ketan Sengupta is CEO of Bengal Peerless Housing Development Co Ltd)

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