West Bengal State Budget 2022 – Reaction From Bengal Real Estate Developers
“We witnessed a boost in conversion of sales when the stamp duty waiver was initially announced, and it is still continuing. The reduction in circle rate and stamp duty is on an average saving customers almost 50k to 1 Lakhs for affordable customers and even more for MIG and HIG buyers. We have seen how rising expenses have impacted customers in recent times and continuation of such benefits shall bring great relief to the buyers. 20% growth compared to the previous announcement period and similar growth in future when compared yearly”, said Mr Arya Sumant, Managing Director, Eden Realty.
“Badly hit the raw material prices like iron cost soared to 80percent hike. The under-construction cost shooted up making an impact on the revenue on the sold units of the under-construction projects. Govt earned a quick revenue with all pending registrations. Developers got a boost on sales and inventory push”, said Mr Nakul Himmatsingka, Managing Director, Ideal Group.
“Undoubtedly, the largest announcement coming out of this state budget is the six-month extension of the stamp duty and reduced property valuation. We are very happy with this announcement; it goes on to show that the government too has received positive reviews about this step. At the time when the steel and raw material prices have spiralled out of control, this is a very timely and far-reaching relief indeed. We have seen a sales growth of almost 20% on QoQ basis and slightly higher than 25% on YoY basis and this stamp duty relief has a significant role to play in this growth. The main factor to consider is the increased confidence and the increased interest the residential real estate sector is facing in the past 6 to 7 quarters. All the customers are back in the marketplace and looking for the right match for their preferences. I genuinely feel the best days of the industry, the most successful days of the entire real estate and infrastructure industry are ahead of us”, said Mr Rishi Jain, Managing Director, Jain Group.
“The extension of the rebate on stamp duty and circle rate for another six months is a very encouraging move by the state government. The real estate industry is showing signs of revival and this move will definitely act as an accelerator in strengthening the foundation of this revival”, said Mr Abhishek Bhardwaj, Shristi Infrastructure Development Corporation Limited.