Tag: Kolkata property market

IndustryLatest Stories

Regime Change Boosts Realtors’ Hopes in West Bengal

NEW DELHI: The new administration in West Bengal is anticipated to stimulate a surge in real estate activity in Kolkata and its surrounding areas, as developers look forward to strategic land reforms, including repealing the Urban Land (Ceiling and Regulation) Act of 1976, to facilitate development and draw in new investments. “Our expectations for the current West Bengal government are high, particularly given its commitment to growth and investment,” stated Saket Mohta, Managing Director of Merlin Group. “The real estate domain holds significant potential to serve as a pivotal growth engine for the state, and we are hopeful for accelerated…

IndustryLatest Stories

First Kolkata property rate hike in 7 years will raise fees

KOLKATA: Property buyers in Kolkata and nearby regions will face increased stamp duty and registration fees due to the government’s revision of circle rates, which have risen by 15% to 90%. The new rates took effect on Wednesday. The circle rate serves as the minimum price set by the government for property registration. According to sources from the finance department, the rate revision comes after a seven-year hiatus and is intended to address the disparity between circle and market rates in many areas. “For instance, some properties are sold for ₹9,000/sq ft while the circle rate is ₹6,000/sq ft. We’ve…