The Mamata Banerjee government’s decision to cut stamp duty and circle rate for a limited period is yielding results.

A report published by property consultancy Knight Frank India said July-September recorded the “highest” level of quarterly sales in a three-month period.

The government had announced a 2 per cent cut in stamp duty and 10 per cent relief in circle rate in the state budget on July 7 this year, even as it took consumers a few more weeks to avail themselves the benefit.

Knight Frank says residential sales in the city spiked by 75 per cent year-on-year (YoY) to 6,861 units in Q3 of 2021. During the same period, new launches in the residential market also increased by 62 per cent YoY to 3,128 units.

“Calcutta has seen the strongest recovery during the quarter and achieved pre-pandemic levels in terms of sales as well as launches.The 2 per cent cut in stamp duty and drop-in circle rates by 10 per cent in Bengal which has been put into effect has proved to be an effective driver for bringing sales velocity in the market. The announcement of the state government has encouraged developers to launch new projects.”said Shishir Baijal, chairman and managing director, Knight Frank India.

The limited period offer is in place till October 30, even as the city-based developers have exhorted the government to extend the deadline. A buyer can take advantage of the scheme if the registration process is completed within the due date.

Stamp duty has come down to 4 per cent and 3 per cent in urban and rural areas, respectively, for properties up to Rs 1 crore and 5 per cent and 4 per cent, respectively, for properties above that ceiling.