Projected Rebate Extension Impact on Rajarhat Properties
For the fourth time now, the state government of West Bengal has extended the 2 % reduction in stamp duty and the 10 % circle rate rebate for the real estate sector until 2022. This has been a welcome change for prospective homebuyers. Homebuyers suffered a great deal during the pandemic. Hence, the government’s decision to incentivise the rebate for another year has received an encouraging response. This has had an impact on the properties in Rajarhat as well.
The Confederation of Real Estate Developers’ Associations (CREDAI) chairman Nandu Belani hopes that the government reduces the stamp duty by 5 % permanently. He goes on to state how beneficial it has been for the government ever since the rebate was issued. This is because the buyers started to pay the entire stamp duty in full at the time of purchasing the apartments. This resulted in prompt revenue for the government. This only bodes better for the real estate industry, as revenue has seen a considerable spike.
The 10% reduction in the minimum designated price per sq ft for land or property or better known as the circle rate, has generated a huge demand for most of the housing projects in Kolkata.
Expectations Post Rebate Extensions
The government’s action to provide a demand stimulant at the right time. As in most other cities, sales momentum had dropped significantly in the early stages of the pandemic, so this stimulant was critical to reviving the market. We anticipate that this move will encourage more people who are on the fence to make a purchase decision. Properties in Rajarhat are likely to see an increase in purchases as a result.
Why Invest in Avaasa in the Wake of an Extended Rebate?
Oswal’s seal of trust, coupled with state-of-the-art amenities, makes Orchard Avaasa a reasonable choice, especially in the wake of rebate extensions.
With cutting-edge amenities and easy access to airports, hospitals, and essential stores, Avaasa checks all the boxes for a premium lifestyle. To top it all off, they provide unique amenities such as Skydeck and Skyplex. Their 2 BHK luxury flats in Rajarhat, Kolkata, start at 61.3 lacs, and 3 BHK flats at approximately 73.4 lacs. Finding modern convenience that you can trust at such prices with rising inflation will rather be a task.