Reduction Of Market Value, Rate Of Stamp Duty In West Bengal, Delhi: Khaitan & Co.
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Khaitan & Co. Report
The Covid-19 pandemic has brought about an economic slowdown, including in the real estate sector, and has curtailed the purchasing power of the citizenry.
In the wake of such crisis and in order to avoid piling up of unsold properties, the government of West Bengal and government of National Capital Territory of Delhi have decided to grant temporary relaxations to stakeholders in the real estate sector by way of reduction in market value of immovable properties (in Delhi and West Bengal) and in the rate of stamp duty (in West Bengal) payable on transactions involving such immovable properties.
For ease of reference, this note has been sub-divided in two parts.
The first part deals with reduction in market value of immovable properties and rate of stamp duty payable on transactions in the state of West Bengal; and the second part deals with reduction in market value of immovable properties situated in Delhi along with its implications.
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