A One Stop Solution of Property & Rental Services For The NRIs in Kolkata

Introduction:

While residing outside the country, being a NRI Service in Kolkata can be a significant headache. You have to deal with several issues.

There are some common questions in the mind of NRIs regarding taxes, home loans, documents, payment methods, loans, and much more. But the most severe problem is finding a trustworthy individual to look after the property, which is associated with solving various rental issues, repairing, maintaining a good relationship with the owner, etc. So here, Metro management has come to solve all your problems on a pocket-friendly budget.

Do you possess any property in India being an NRI? Then it would be best if you related to these common headaches of maintaining a property from the outside. Investing in any real estate is a safe decision but maintaining it from several hundred kilometers away is, by far, the most hectic.

A good home management service can be your life saver in this case.

Common Problems An NRI may Face:

We claim that you must have faced a lot of problems for being an NRI property owner. First of all you have to think about documents and loans and the eligibility criteria to apply for loans. However it is not possible for you to come over and over again to India to solve bank related issues.

On the other side Another common issue that an NRI may face is tax-related. We know you must call up the regulations of both countries (foreign and India), which takes work. Not only that, you have to pay taxes from time to time. It can be a tiresome job for an NRI.

If you are on rent, you have connected with the landowner at some points. There is also a hectic issue of renewing the agreement papers after a specific time. So all these can increase your burden of workload. At that time, you may need friendly NRI services in India.

People are getting scattered for services and other reasons in today’s world. In this case, taking care of the property from a foreign country takes much work. You may have relatives in India, but that can’t solve the problem. In such cases, you may need NRI services in India.

It is almost impossible for an NRI to look after every tiny detail of maintaining the property. Being an NRI, you must call the plumber to settle an argument with the neighbors from a distance. Sometimes, there is a chance of getting cheated while handling this. At this point, NRI services Kolkata can stand by your side.

You can’t depend on a random service to solve all these issues. As these are sensitive issues, trustworthy services matter a lot. Of course, you will not like to share your details with an anonymous person. Like us, professional NRI services in Kolkata can deal with all your sensitive information without transferring it to any third parties.

Our Special Services For the NRIs:

Metro management is primarily known for its unmatchable services. From buying any property to maintaining it, you can always find us as your trustworthy advisor.

Metro management provides special NRI services, especially for people like you who want a hassle-free management service. We have special packages for the NRIs that you can avail of in one facility. Our unique NRI services in Kolkata promise the facilities like:

● The Best Service in Pocket-Friendly Budget:

We have repeatedly stated that Metro management is responsible for providing you with your perfect home. They put much effort into making relevant and effective services. We are offering the top rental property available. One of the main reasons we found ourselves as a home management company in India was to maximize your benefit.

● Manage Property From Outside The Country:

By hiring Metro management, you can manage your property outside the country. We can handle everything by repairing a tap to look over the legal services. In fact, after solving the issue, we send pictures of before and after the benefits if you need any changes, so that You can ultimately be tension-free.

● Handles Tax and Other Payments:

Paying taxes and other rental dues are another hassles for the NRIs. We understand that residing far from the country is difficult. It is almost impossible for you to remember so many tax payment dates. We even pay the rent and taxes on your behalf.

● A Bridge Between The Landowner and The Buyer:

If you are on rent, you must make frequent contact with your landowner. Metro management, one of the best NRI services in India, acts as a representative of you. We deal with the problem raised and solve it by taking your concern.

You may not believe it, but our NRI Kolkata services are open every day of the week, 24 hours a day. You can trust our hard-working team members to take care of any problem. We offer an exclusive NRI service in India. NRIs like you who require constant communication with their landlord will benefit from it.

Metro management is your best friend before investing in NRI services in Kolkata. We act as a bridge between you and the landlord. We are experts at handling any issues that arise before and after you buy the property.

Conclusion:

Our services speak for us. We can be the best choice for you if you are looking for a personal and trustworthy service for the NRIs. Come to us, and you, yourself, can see the difference.

Home Management Company in Kolkata

Introduction: 

The buyer has to face various conflicts and confusion before buying a property. The situation can be complex for an NRI. An efficient home management company in Kolkata can help you here in multiple domains.

Things to Consider Before Buying a Property: 

Buying a property in any region is critical. Possessing a luxurious home in Kolkata is not an exception. Before buying any property, you have to consider many factors. Below we will discuss some significant factors that can influence a decision.

A Good Workplace Design: 

Workplace design is essential if you are interested in buying a property for office setup. A well-organized workplace will help them to enhance their productivity. The place should be airy and well-lit, with a sufficient number of windows and exit points.

Metro management, an efficient home management company in Kolkata, can provide you with properties like your dream setup.

Location: 

Location is also an essential criterion before buying any property. We are well aware that you would prefer to avoid going to a location that is challenging to find. That is why your assistive home management company in India, metro management, find suitable properties for you. It is near the metro station. From there you can also avail of train or public transport.

Budget: 

Investing money as per your budget is a sign of a wise investor. For that, you can contact us. We will look through your requirements. Based on that, we will find your value-for-money property within your pre-defined budget.

Requirements: 

Metro management will help you find the best property as per your need without fail. We have the expertise to differentiate the property bought as workstations or residential buildings. We provide options that will be the best for your ease and comfort.

Office Spaces: 

Have you ever thought about how much effort we put into choosing the right place for you? It is all because we successfully provide a compact property in a cordial environment. We understand that setup and environment are essential in choosing a workplace. That is why you can trust Metro Management as India’s best home management company.

A Special Service for NRIs: 

Being an NRI, all these hassles can be intensified. We understand that you can feel it is difficult, a headache, or time-consuming work. Moreover, some owners also hesitate to give property to an NRI. Our services as a home management company in Kolkata are also open for NRIs like you as a one-stop solution for all your problems.

Queries Related to Property Tax for NRIs: 

One thing that bothers the NRIs is the confusion related to taxes. It is the question of whether they have to pay extra tax when purchasing the property. Well, it is different from being a resident of India.

Every property will fall under the long-term capital game and the short-term capital game. You will have to pay 20% of taxes in the long term. In a short time, capital gain 30% tax rate will be deducted.

Sometimes one-time tax called Tax Deducted at Source (TDS) will also have to be paid to the government. As a home management company in Kolkata, we will let you know all the details about taxes if you are struggling with them.

Questions to Consider as a First-Time Buyer of Property: 

Affordable: 

Metro management, the home management company in Kolkata, is liable to find a luxurious property within your budget. As a first-time buyer, we know you are concerned about the costs included. So after contacting metro management, you can handle its possibility.

Arrangement For a Loan: 

After thinking about the budget, another query comes to mind: arrangement for a loan and its down payment. A wise buyer always puts steps after thinking about every aspect. As a home management company in Kolkata, we can provide expert advice on that.

The Services We Provide:

The Best Property Within Your Budget: 

We consistently proclaimed that Metro management is in charge of giving you your ideal home. As a result, we are presenting the best rental facility on the market. We work hard to create an appropriate and powerful advertisement. Additionally, we want to maximize your benefit, which is one of the critical reasons we established ourselves as a home management company in India.

Time Management:

 Proper repairing and maintenance services could be your headache before buying a property, but not now. One of the most prominent reasons to hire us is our fast and quick services in the field of repair and management.

Finally, you are at the right place for metro management as a trustable home management company in India, where we resolve the issue of a cracked wall-to-plumber problem.

Reach out to us Anytime: 

Our home management Kolkata services are available 24 hours a day, seven days a week, for your convenience. In Kolkata, we offer a one-of-a-kind NRI service.

It will help NRIs like you who need to contact your landlord anytime. You can rely on our dedicated team to handle any issue.

Hassle-Free About Taxes: 

Are you concerned about your rent? Do you have any questions about the legal process? Let us handle it. Metro management, the best home management company in India, is responsible for providing trouble-free service.

We have a legal team that handles legal issues. So you don’t have to worry about these administrative hassles, and you can relax and enjoy your new home.

Experience & Trust: 

Before investing, Metro management is the friend you can trust the most implicitly for home management in Kolkata. We serve as a bridge between you and the landlord and can address any problems that may develop before and after you purchase the property.

We don’t merely talk to each other on the phone and disappear. Our crew is prepared to assist you in any improbable circumstance.

Other Services We Provide: 

Selling and renting a place

Providing selection and a store under lease

Support for ownership

Management of Property Keys

Supports and resolves all property-related problems

Tenure Control

Rental-friendly Interior

Conclusion: 

We are open to your services 24×7. Come to us before purchasing any property and feel the difference. Our 360° service will satisfy you, which is what we do not just claim but deeply believe in.

Metro Management: The Best Property Management in Kolkata

Introduction: Are you searching for the best property management company in Kolkata? We understand that finding the best property takes work in Kolkata. Especially if you are living outside of India or an NRI, the situation may be more difficult. It can be hectic for you if you are still looking for a property dealer who can find the best comfort for you.

We understand your worry, and that’s why we are. Especially being an outsider, it is natural for you to hesitate at first. At Metro Management, we know that initially trusting someone, especially before buying property, takes work.

That is why our service provides a one-stop solution to all your problems.

Reasons to Hire us as Your Property Management Adviser:

Finding a suitable property can be stressful without proper guidance. We understand that buying a property means much investment over a long time. So your tension is entirely justifiable. Metro management is the best property management company in Kolkata. Let’s find the reasons to hire us.

● Reach to us at Any Odd Hour

No fake consolation; we are open 24×7 for your best comfort. We have a unique NRI service in Kolkata. It will benefit NRIs like you, who must reach the landlord anytime. You can trust our dedicated team for any problem that may arise.

● Timely Maintenance

Proper repairing and maintenance services could be your headache before buying a property, but not now. One of the most prominent reasons to hire us is our fast and quick services in the field of repair and management. You are at the right place finally at metro management, where we resolve the issue of a cracked wall to plumber problem.

● A 360° Protection

Metro management is the best property management company in Kolkata for a reason. You at us will get 360° services from collecting rent to solving issues with neighbors. We even look after any of your discomfort with other tenants. Our service doesn’t finish by merely handing over the keys.

● Don’t Worry About Legal Services

Are you worried about rent? Do you have the slightest confusion about the legal process? Leave it on us. Metro management is liable to provide you with a hassle-free service. We have a specialist team to deal with legal issues. So you need not worry about these administrative hassles, and you can freely enjoy your new property.

● Get The Best Value for Money Property

We always claim that Metro management is responsible for providing you with your dream property. That’s why we will place before you the best rental facility available in the market. We put our best effort into a proper and effective advertisement. Moreover, we aim to maximize your benefit, and that’s one of the imperative reasons why Javed made us a trustworthy property management company in Kolkata.

● Investment at The Right Place

The value and costs associated with rental services are undoubtedly increasing, and the cases of manipulation and fraud increase. So seeking the help of a professional before investing in real estate would benefit you. Metro management has a dedicated team to guide you about insurance costs, hidden interests, and other costs of maintenance.

● An Easy Vendor Management Service

Are you worried about vendors? Do you need to contact suppliers and merchants? Don’t worry; we are here for that too. Working with untimely vendors can impact your reputation, especially for you, for whom punctuality matters a lot. We have all those services ready at your doorstep to provide complete comfort.

● Be Tension Free about Taxes

Tax returns and deductions are another hassles after investing in a property. We are always at your service if you need advice regarding tax and documentation. You will be relaxed to know that our services are tax-deductible. Are you feeling relieved now? Metro management, the property management Kolkata, is your best tax assistant now.

● No Boundary in Enjoying Freedom

We know that sometimes the buyer would have to compromise his freedom after buying a property. Rental service is becoming a business for a few people, and that’s why the buyers have to have problems. But not anymore with Metro management. We look after all the residential and maintenance procedures before offering them to you so that you can live your life the way you want.

● Building a Bridge of Trust

Metro management is the most trustworthy friend you can believe blindly before investing. We work as a bridge between you and the landlord and are here to solve all the issues that may arise before and even after buying the property. We don’t just communicate over the phone and leave you alone. Our team is liable to help you in every odd situation.

Services Provided by us

We provide top-notch property dealings and management services.

● Promoting and leasing a property

● Giving assortment and Store in lease

● Help in ownership

● Handling Property Keys

● Support and Fixes all the property related issues

● Tenure Management

● Interior for Rentals

Hire us & Avail The Benefits

● A Trustworthy Experience

Metro management always believes in providing an excellent service that you can trust. Our Experienced team does much research to find your dream project. That is why you can differentiate our service from other property management companies in India.

● Communicate With Us at Any Time

We leave no stone unturned to improve our services. Our customer care team is always ready to help you with any issue. We do not just make false promises. We are dedicated to making every penny of you worthy.

How to Avail Our Services

Maintain some easy steps stated below, and you are eligible as our precious consumer.

● Step One: The house owner agrees with metro management to give his property on rent.
● Step Two: Metro management finds the best possible tenants and gives ideas about the property documents and conditions.
● Step Three: After taking the tenant’s consent, we go for the owner’s approval.
● Step Four: All verifications shall be completed, and the tenant and the owner will sign the agreement paper.
● Step Five: The tenant deposits the rent on the owner’s account.

But our services do not end here. We maintain our relationship with both parties until the end of the agreement.

Conclusion

Purchasing a real estate property or giving it on rent- both are daunting tasks. That is why we intervene in between to help you to get the property of your choice.

Seven Benefits of Buying Flats & Villas from Landowner’s Share

Both the landowner and the builder are important stakeholders who invest a great deal of enthusiasm and commitment in a real-estate project, whether it is flats or villas. A buyer can buy from either landowner’s share flats and villas, or from the builder’s share, depending on the availability. In this article, we discuss the advantages of buying landlord share flats or villas.

  1. Build rapport, get a better deal on landowner’s share of flats & villas Landowners are not business-minded. Of course, they do aspire to sell the landowner’s share for the best price. However, negotiations with them can be more warm and human. And if you can strike a rapport with them, you can negotiate the price and get a fair concession. Often, buyers develop a nice bond with the landowners while buying landowner’s share property and become permanent friends. Buying from landowners share of flats or villas is more than just a real-estate deal, because of the human connection. Therefore, it is possible to get the property for competitive pricing.
  2. Landowner’s share of flats & villas are generally better units
    For buyers who are looking to buy ready-to-move flats and villas, the landlord’s share property is a better option. These are mostly better inventory like corner property, premium facing (east) units. Landowner property may also be better in terms of vaasthu, floor choice, neighboring details, view from the apartment, and other architectural benefits.
  3. Landowner’s share of flats & villas are better quality
    In any real-estate project, there is a hired site engineer who supervises all the apartments and villas related to the project, irrespective of whether they are landowner’s share or builder’s share. However, in case of landowner’s share of flats or villas, the concerned landowner will also take a personal interest in supervising the construction and look into all the necessary details related to quality, functionality, and other aspects. This results in better quality for the landowner’s share of the property.
  4. Landowner’s flats & villas may be more customized
    Landowners may reside in their share of property or rent them out before they decide to sell. In such cases, a lot of customization with respect to plug-points, switchboards, shelves, fittings, etc. might have been done already. This is an added advantage to the buyer.
  5. Landowner’s flats & villas would have better aesthetics
    Again, landowners take personal interest with a sense of love and attachment to the property. For this reason, landowner flats or villas may look more beautiful.
  6. Save on GST and Pre-installments Landowners sell their share of flats or villas in the ready-to-move stage as opposed to the builder’s share that may be registered before completion of the project or handover. Occupation Certificate from the government may have already been obtained. OC will help buyers save on GST.

Additionally, if you buy a ready-to-move property from the landowner’s share, you don’t have to pay any home-loan installments (pre-installments) before you get possession.

  1. Landlord’s share flats & villas may be distress sale
    Landowners may sometimes be in a hurry to sell, for whatever reasons. As a result, they may be willing to sell landowners share flats or villas for a lower price.

Thus, there are numerous benefits to buying landowner’s share property. To summarize, you may get better quality, better-looking apartments at a competitive or even a lower price compared to builder share property, if you are lucky. You can also save on GST and pre-installments,

One more point to remember When it comes to issues like landowner’s share having a lot of legal heirs and a lot of shareholders – like children and grandchildren, it is important to note that the same issues can also apply to the builder’s share. That’s because, ultimately the whole property (including the builder’s share) belongs to the landowner. In the majority of the cases, the builder does not include all the legal heirs/stakeholders of landowners in the Joint Development Agreement between landowners and builders. As such, any risk arising from legal heirs is equal for both landowner’s share apartments and villas, as well as the builder’s share.

Empire Insignia – Landowner Share Villas for Sale at Appa Junction | Hurry Up! Limited Units Available | G+2-3BHK + Home Theatre.

Why Concept Of Virtual Tour For Sample Flats Becoming Imperative In Real Estate Business

Virtual reality (VR) is currently limited to advanced gaming solutions but approaches many other aspects of human life in steady steps. Virtual 360-degree tours of properties have become a trend in the real estate business scenario, enabling buyers and sellers to get leaded technology benefits.
What is Virtual Tours?
Virtual Tours are simply a technology-powered 360-degree view of premises with a three-dimensional view. Developers use multiple panoramic images of homes and connect them for creating one virtual tour. For bestowing the probable buyers with a wholesome experience, developers often adjoin voice-overs, music, or animation with these tours. Due to this leaded technology approach, buyers now can check abodes they are thinking of purchasing without visiting the place. And as most renowned real estate companies are practicing this method, virtual tours are offered to purchasers looking to buy property in Kolkata.
Why are Virtual Tours Beneficial for Home Buyers?
⦁ Convenience in Accessing
Virtual tours offer home buyers the ability to look and feel the premises only using their mobile phones. They can look closely by zooming and roam around the premises without visiting the place. Hence, buyers can access properties from any part of the globe.
⦁ Saves Time and Money
Presume you are willing to buy a 2bhk flat in Kolkata, and you stay far in Mumbai. If you have to visit the site you want to buy physically, you need to travel to Kolkata all the way from Mumbai. Money and time need to be invested, but you can do the same without spending any effort and money with a virtual reality tour.
⦁ Transparency
Because of the virtual tours, property owners can show the house’s necessary amenities and features to the probable buyers. Experiencing these tours, buyers can also take prudent decisions after noticing the property’s ambiance and locality. Hence, the entire process happens under a sense of transparency.

Why are Virtual Tours Beneficial for Real Estate Developers?
⦁ It is Hassle-Free and Time-Saving
Property developers and dealers had to entertain every probable buyer with property visits and tours. It is always a time and resource-consuming process. However, having the experience of virtual tours in hand, it becomes entirely hassle-free, as they only would have to do the same for the shortlisted buyers. The latter has selected the property after experiencing the virtual tour of it.
⦁ Opportunity for Marketing
Property developers are now using virtual tours as their marketing tool. Through these 3D descriptions, they can showcase the best facets and amenities of their offered properties, which are often proved to be sufficient for convincing purchasers who want to buy flats in Kolkata or other cities of the country.

In a Nutshell
Virtual tours are incredibly beneficial for both developers and home buyers. Besides, as people’s virtual presence is growing day by day, the demand and productivity of these virtual reality tours of sample flats will increase in the near future.

Benefits Of Getting Your First-Home From Pradhan Mantri Awas Yojana

Having a home falls into the basic necessity of people. But, as India’s lands and houses are on a high rise, this necessity becomes a never-getable dream for many. PMAY or Pradhan Mantri Awas Yojana is a practical approach to making housing more affordable for all society sections. People who endeavor to buy property in Kolkata or anywhere in the country can benefit immensely from this government scheme, enabling people to become homeowners on simple terms.

Recently, the government has announced that the GST for the home loans will be reduced to 8% for buyers who have applied it through Pradhan Mantri Awas Yojna schemes. It is imperatively advantageous for first time urban home investors willing to buy flats in Kolkata and other parts of the country.
Benefits of PMAY Scheme

⦁ Every Citizen are Offered with Large Subsidy
The most significant benefit of purchasing a new property through the PMAY scheme is the government’s subsidy. However, as it is entirely focused on first-time homeowners, people who already have homes are not eligible for this subsidy. A credit-linked sponsorship based on your income will be offered by the government, starting from EWS/LIG to MIG 1 and MIG 2.
⦁ People from the EWS/LIG category eligible for getting a subsidized home loan interest of 6.5% with a tenor of 20 years.
⦁ Citizens enlisted in the Mid-level MIG category can obtain home loan interest reduced by 4% for a 20 years tenor period. The maximum loan amount in this category is 9lakh.
⦁ With a tenor of 20 years, loan interest would be subsidized by 3%, allocating up to12 lakh loan amount for citizens who come under the MIG 2 category.
⦁ Housing for all Levels of the Society
Property for sale in Kolkata will be more accessible to buyers since the government is about to build up to two crore houses in major urban areas. The work has already been initiated in many states, including West Bengal, Maharashtra, Tamil Nadu, etc. Expectedly, these houses will be able to improve the standard of living of many.
⦁ Advantages for Women and minorities
Homeownership of women is a mandatory clause in PMAY. The home needs to be registered in women’s names. This clause is also compulsory in cases where women aren’t buying it own. Besides, widows, salaried women, transgender people, minorities, disabled, and seniors will get preference in availing the Pradhan Mantri Awas Yojana. Senior citizens purchasing homes through PMAY are entitled to get ground floor accommodation, as it is a mandatory clause in the scheme to proffer seniors with more comfort.
A Scheme Spanning Over the Entire Country
This scheme’s offerings are not merely limited to urban areas of the country, but it is equally focused on developing low-middle income groups of rural areas. Along with improving the standard of living of low-income groups, the PMAY schemes are responsible for developing the rural real estate sector and industries connected to it.

Real Estate Business Strongly Bounced Back In The Post Lockdown Period

Agent, realtor, buyer.

Like all other industries, COVID-19 and the countrywide lockdown had ill effects on the real estate business. Its sales teams, marketing teams, and construction staff have been looking for a solution to minimize this phase’s impact. Topics like online marketing, rental situations, investment scenario, and revival of different segments were at the center of discussion.

Firstly, we have to understand that real estate has always been a necessity. It proffers homes for people and office spaces for corporate and commercial establishments. You can recognize its importance in GDP through the different guidelines that the government set for this sector during the lockdown period. The repo rate was minimized, which lowered the interest rate of home loans. And, the announced packages also helped the industry to run smoothly in that hash time.

Now, as the entire country is moving gradually towards the unlock phase, and expectedly people are about to buy property in Kolkata again, enough bloom signs can be observed in this sector. According to Knight Frank’s ‘India Reality Report’ for Q3 (July – September 2020), the sales rate and supplies were decreased when the economy went for a complete lockdown during Q2. But, an upswing has been witnessed in it during the Q3 period.
The report encompassed the top eight cities of the entire country, indicates the launches increased by four and a half times, keeping the sale growth at two a half times when it comes in comparison with Q2 of 2020. The residential market has portrayed a more than expected recovery rate during Q3 despite the resumption of lockdown and macro-economic challenges, which adversely affected all sectors of the economy. Hence, it is undoubtedly an excellent opportunity for people looking for property for sale in Kolkata.

While releasing the report on a zoom platform, GM of Knight Frank, Shishir Baijal asserted, the way the industry has bounced back in the quarter is quite promising, but still, there are spheres of recovery. A rise of 247% has been witnessed on a quarter to quarter basis while the launches were ascended by 45%. During September, Mumbai saw the most considerable rise as the Maharashtra Government stood for a 300 bps cut in stamp duty. Mr. Baijal also asserted that REITs’ success and the inclusion of new players in the sector would amplify investors’ long-term confidence for commercial spaces.

The reluctance to buy homes during this period resulted in declining demand has been a trait of this year. Besides, the residential sector has been affected negatively because of supply chain disruptions, constriction material cost rise, liquidity crunch, and more. However, the scenario is changing because of the fall of residential costs, aggressive marketing of ready inventory, proffering various discounts and freebies. People are gradually showing their interest in buying a 3bhk flat in Kolkata and other major cities. The home loan rates have been notably lowered, and the moratorium on loan investments has been extended, which also helped the industry bounce back from the unprecedented situation.

Reduction Of Market Value And Rate Of Stamp Duty In West Bengal West Bengal government offers 2% stamp duty rebate; slashes circle rates by 10%

In perhaps the most expensive residential real estate transaction in Kolkata and that too during COVID-19, a stockbroker purchased a 31,000-sq ft bungalow located in Judges Court Road for around Rs 100 crore.The deal was brokered by Sotheby’s International Realty.

West Bengal government on July 7 decided to offer a stamp duty rebate of 2% for registration of deeds and slashed circle rates by 10% as it presented its Rs 3.08- lakh- crore Budget in the assembly for fiscal 2021-2022.

Presenting the Budget, state industry minister Partha Chatterjee, who had placed the vote-on-account in the House on February, said the government has proposed to reduce stamp duty by two per cent for registration of deeds and slash circle rates by 10%. Finance minister Amit Mitra is unwell.
“We all are aware that due to COVID-19 pandemic our state along with the country as a whole is reeling under economic recession. This has resulted in curtailing the purchasing power of the people. The real estate sector also has been greatly affected due to this crisis. In this critical situation the state government is proposing to allow relief to the registrant public by reducing the rate of stamp duty for registration of deeds affecting sale/lease of land/house.sale etc,” the Budget document said.

“I propose to reduce the rate of stamp duty by 2% from the present rate for such deeds. The circle rate/market value for registration of deeds for land/house and flat etc has been proposed to be reduced by 10%,” it said.

Both the facilities can only be availed if the registration is completed within October 30, 2021, it said.
The current rate of stamp duty in the state is 7%.

Reacting to the announcement, Harshavardhan Neotia, chairman of Ambuja Neotia Group, said that the state government’s decision to reduce stamp duty by two per cent for registration of deeds, as also slash circle rate by ten per cent will boost the real estate sector in the state.
“It is heartening to see that the West Bengal Government has considered a long-standing demand for the real estate sector in West Bengal. We on behalf of the Credai West Bengal wholeheartedly welcome this move. We hope that it will help to boost the demand in the sector in this pandemic situation,” said Sushil Mohta, chairman, Merlin Group and president, Credai, West Bengal.

“The reduction in the rate of stamp duty should help the end-users and this should boost sales and help the sector further. We hope that the overall collection of revenues of stamp duty will also go up. This announcement of the state government would encourage real estate sectors to launch new projects and infuse fresh investments in the sector also. The consumers will also come forward to expedite registration process with this big relief to them,” he added.

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