The stamp duty in Noida and Greater Noida will be increased to 7% from the current 5% by end of April, sources in UP stamp and registration department told TOI on April 17. While a notification for the same has already been issued by UP industries department, the stamp and registration department too will issue a notification within a week.
There are over 30,000 registries pending mainly due to delay on the part of developers, who are yet to make payments to Noida Authority. According to sources, without payment, the Authority does not issue completion certification to developers, without which, the stamp and registration department does not register properties.
Sources said that the notification has been intentionally delayed to register maximum deeds. Developers, on the other hand however, said the hike will negatively impact real estate in GB Nagar.
TOI was the first to report on the state government's approval of hike proposal that the state government had approved hiking of stamp duty by 2% in all cities. The hike will put an extra Rs 1-2 lakh burden on each buyer, while the revenue department expects to earn an additional Rs 100 crore.
With thousands of flats routinely delivered late in GB Nagar, especially those affected by the Okhla Bird Sanctuary row, it will be a double whammy for many buyers.
SOURCE: magicbricks.com
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