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Property Transfers Have Become Cheaper in Kolkata, Removing a 2% Additional Stamp DutyBy Dr arvind, Section Real Estate
Property transfers have become cheaper in Kolkata and Howrah, with the West Bengal Assembly passing two separate Bills to turn into law two ordinances issued on August 1 this year removing a 2% additional stamp duty.
Finance minister Asim Dasgupta had announced the duty change in the state budget for 2006-07, bringing Kolkata closer to trends in other states. The lower duty will make the state eligible for funds under the Jawaharlal Nehru Urban Renewable Mission, for which a state has to keep stamp duty low and also agree to repeal the Urban Land (Ceiling & Regulation) Act. Stamp duty will now be levied at 6% on the valuation of the property, also bringing relief to thousands of people who are seeking to ride the boom in housing with bank and institutional finance. The duty cut has also attracted national real estate developers to the state. The Bills amend the Howrah Improvement Act of 1956 and the Calcutta Improvement Act of 1911. Sources in the urban development department said the additional stamp duty was removed at the insistence of the Union government, which was not releasing funds under the JNURM. Click on "Full Story" for more...
"The Union government had told us that it would not release funds under the JNURM without a stamp duty cut," the official said.
The government, meanwhile, is expecting a report soon from a three-member expert committee it had set up to consider the repeal of urban land ceiling laws. Asok Bhattacharya, minister for urban development, told the Assembly that the duty reduction would reduce the department's revenue earnings by Rs 30 crore a year. The Kolkata Improvement Trust and the Howrah Improvement Trust, which collect the stamp duty, need Rs 27.5 crore a year to pay the salary and pension of their employees. "The state finance department has told us that it would bridge the gap," said Bhattacharya. Meanwhile, Bhattacharya informed the House that the government is selling the KIT's 7000-plus apartments to their current occupants. "We are spending Rs 4 crore a year to maintain these complexes, but earn only Rs 40 lakh as rent income," he said. "This is why we want to sell the flats." He said the government would sell the one-room flats at Rs 35,000 and two-room flats at Rs 70,000 to 72,000. The government would use the income to make arrangements for drinking water at the apartments. Source- TIE, NOV-22,06
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