KOLKATA: The state budget presented on Wednesday gave the real estate industry a stronger boost than the union budget had two weeks before, extending a sop that has already yielded attractive returns for more than a year and a half and benefitted house purchasers, sellers, and the government.
Only the expenditure for Prime Minister Awas Yojna increased by 66% in the Union Budget, but homebuyers did not receive any assistance to counteract the escalating increases in house loan interest rates.
More than 80,000 home sales agreements have been registered as a result of the sixth extension of the 2% stamp duty and 10% circle rate rebates. 76,064 residential properties have been registered as of December 2022, 18 months after the sops were implemented in July 2021. In the 18 months before to the store announcement, there were 47,317 home sales registrations, a 61% increase.
“The decision to prolong the subsidies by six months would increase gasoline sales and save money for house purchasers. The exchequer will get more money as a result. Siddharth Pansari, head of the Bengal branch of the Confederation of Real Estate Developers’ Association of India (Credai), stated, “It demonstrates that the government is responsive to and respectful of the demands of homebuyers and our business.
The sops were originally implemented in July 2021 to encourage homebuyers, aid the struggling real estate sector that was reeling from the epidemic, and support the state’s revenue that had plummeted while spending had skyrocketed.
