Kolkata: 2% reduction in stamp duty and 10% discount in the circle rate offered for a limited period by the state government as part of budget soup this year has led to a 75% surge in house sales in Kolkata in the final quarter in the same quarter of last year.
Supported by customer response, Bengal Bengal from the Confederation of the Indian Real Estate Developer Association (Credii), an umbrella organization that represents the main developer in the city, has written to the Minister of Finance and the Finance Secretary, looking for an extension of the scheme until December 31, 2021.
The scheme is currently announced July 7 and valid until October 30.
“The response to stamp duty and a reduction in the level of the circle has been extraordinary.
While those who have ordered a house and can pay Custom Customs after completion of the project two-three years later made a full payment to utilize rebates now, it has also lured a lot of caregivers Not yet made a decision to make a purchase.
The government also mopped good income.
Therefore, we have urged the Ministry of Finance to consider extending the scheme until December 31, “said President of Bengal Credit Nandu Belani.
International Property Consultant Knight Frank India in the July-September report for 2021 has highlighted a 75% surge in the sale of Kolkata housing.
The surge in demand has also caused an increase in launch.
While only 756 units were launched in April-June 2021, the developer launched 3.128 in the next three months.
Compared to last year, when 1,934 units were launched in September July-September, the growth was 62%.
Credai is interested that the growth momentum is maintained and wants the chip government by extending the two-month stimulus package.
“The celebration season or quarter of December is when the largest order amount usually occurs.
If rebates are extended, it can lead to record sales in the apartment and reduction of inventory,” Belani said.
However, the developer also acknowledged that the momentum obtained might survive because it had occurred in Maharashtra even after the stimulus ended.
In Mumbai, sales continued to grow by 39% even after the cut Duty Cut window despite a temporary decline in April-June 2021.
“Kolkata has seen the strongest recovery during the quarter and reaches the pre-pandemic level in terms of sales and launched.
2% pieces Stamp Duty and Drop-In Circle Rates by 10% in Bengal have been proven to be an effective driver to bring the speed of sales in the Kolkata market.
The announcement of the state has encouraged the developer to launch a new project, “said Chairman of KFI and MD Shishir Baijal.
However, the same thing cannot be said about office space.
Chief Economist and National Director of KFI Rajani Sinha said the office invaders in Kolkata continued to be careful about expansion plans in the midst of applicable market uncertainty.
“There is traction in the demand for flex space, especially for managed workspaces.
This trend tends to continue because more corporations carry out the relocation decisions of conventional space to be managed in the peripheral area,” he said.
The third-quarter transaction in the office space fell 40% compared to the third quarter of last year even when other major cities reported healthy growth with people who returned to the office.
Nationally, office transactions grow 168% during that period.