Kolkata, Dec 29 (PTI) Realtors' body CREDAI on Thursday welcomed the West Bengal government's extension of stamp duty rebate till March 2023.

The state government in a notification said the two per cent stamp duty and 10 per cent circle rate benefit stands extended till March. The benefit was introduced in October 2021 to benefit home buyers.

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"The real estate market has been doing well because of the rebate extended by the government. This year the sales have been brisk and there has been a record collection on account of stamp duty and registration fees by the state.

“We hope that the total collection will cross Rs 8,000 crore by March 2023 against Rs 7,000 crore last fiscal," CREDAI West Bengal president Sushil Mohta said.

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Many people who bought properties many years ago are now coming forward for registration of deeds, making this a win-win situation for all stakeholders - the government, the public at large and the developers, he added.

The interest rate for home buyers was hiked recently and this rebate will help consumers to an extent, Mohta said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)