Kolkata, Sep 29 (PTI) The real estate industry in West Bengal on Friday welcomed the state government's decision to extend the stamp duty rebate till June 2024.

CREDAI West Bengal president and Merlin Group chairman Sushil Mohta said the stamp duty rebate extension will help the industry achieve a growth trajectory.

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"The real estate industry has been struggling since the COVID-19 pandemic. However, it managed to survive because of the continuous support from the state government in terms of the two per cent rebate in stamp duty and 10 per cent rebate in circle rate. The extension of the rebate will give a much-needed boost to the industry," Mohta said.

The increase in interest rates and the huge rise in the cost of raw materials made it difficult for the industry to pass on the benefits of the rebate to consumers, he said.

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"However, the state government's support is helping us keep the costs down for consumers. The extension of the rebate will further encourage real estate buyers to close their transactions and boost the sector significantly," he said.

The realtor also said that the extension will be a win-win situation for the state government and buyers, as it will help add revenue to the state exchequer.

"Lots of old customers are likely to register their properties, who have not done so in the last two decades. This will also help boost the state government's revenue," Mohta stated.

The real estate industry contributes 10 per cent of the state GDP.

(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)