Boost for realty as West Bengal proposes rebate on stamp duty in budget

2% rate cut proposed, along with 10% deduction in circle rate, which sets the value at which a property is registered

In a major fillip to the real estate industry, West Bengal has proposed a two per cent reduction in the rate of stamp duty on registration of property in its budget for 2021-2022.

The budget proposed to reduce the rate of stamp duty by two per cent from the present rate of six per cent in urban and five per cent in rural (property value of more than Rs 1 crore attracts an additional one per cent). The relief was being granted for registration of deeds affecting sale/lease of land/house/flat.

The first financial statement of the Trinamool Congress government in