No quick stamp duty hike: District Magistrate

There will be no stamp duty hike in Gautam Budh Nagar any time soon, according to district magistrate N P Singh.

The DM's clarification to TOI on June 29, came days after the Haryana government's decision to cut circle rates in Gurgaon by 15%, a big relief to both the real estate industry and homebuyers in Noida and Greater Noida.

Earlier this year, the state government said it would affect a stamp duty hike of 2% from 5% to 7% in Noida and Greater Noida from April 1. The announcement was followed by a series of protests from homebuyers, leading to the stamp duty hike being delayed to July 31 to allow the maximum number of buyers to get their apartments registered. Buyers have been rushing to get their apartments registered since April to skirt the hike.

However, on June 29, Singh told TOI, "We have no information about a hike in stamp duty here yet."

With the real estate industry going through a slump in recent years, a hike in stamp duty was being seen as a deterrent to sales. The buyers too were upset with the impending hike.

Indrish Gupta, co-founder, Nefowa, (Noida Extension Flat Owners Welfare Association), said buyers were already under pressure. "They are paying rent and EMI; the increase in stamp duty will be an additional burden. Most builders have not been able to deliver apartments on time. There have been other delays because of land acquisition and NGT issues. Buyers should get a reprieve from an additional increase in a stamp duty," Gupta said.

Deepak Kapur, president, Credai western UP, said an increase in stamp duty at this time would not have been in the best interests of the industry.

SOURCE: magicbricks.com