Apartment registrations jump in THIS metro city after government announces stamp duty cuts

The variety of flats registered has considerably elevated in the Kolkata Metropolitan Area (KMA) after the West Bengal government introduced a discount in stamp duty. All events, together with householders, builders, and the government, are anticipated to additional profit from the extra six-month stamp duty rebate extension , which was proposed in the latest state price range.

More than 80,000 residential properties have been registered in the city between July 2021 and January 2023 for the reason that preliminary announcement of the stamp duty drop in July 2021.

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In January 2023, the KMA registered 4,178 dwelling sale agreements, which was a document excessive when in comparison with the primary month of the earlier 4 years, based on Knight Frank India statistics. There have been most registrations (47%) for items between 47 and 92 sq. metres (501-1000 sq ft). 29% of registrations in January 2023 have been for bigger items with a sq. footage of greater than 1001 sq. ft.

Homebuyers in West Bengal are eligible for a 2% stamp duty low cost. The stamp duty discount was once more prolonged in the newest state price range. The extension of the two% stamp duty rebate in India will enhance shopper confidence and help in future gross sales quantity.

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The North Zone took the highest spot in the micromarket rankings in January 2023 with the best 36% registration of flats. In this micro market, the variety of sale deeds registered elevated by 72% yr over yr.

While Rajarhat had its share enhance from 7% of all house registrations in January 2022 to 9% in the present month, the South Zone of the KMA registered the second-highest share of 34% in the registrations in January.

FAQs

Q1 What is the total type of KMA?

Kolkata Metropolitan Area is the total type of KMA

Q2 Who is the mayor of  Kolkata Metropolitan Area ?

Firhad Hakim is the mayor of Kolkata Metropolitan Area.

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