The two percentage point increase in stamp duty, announced earlier this year but kept in abeyance, is likely to come into effect any day next week. Its immediate impact will be on homebuyers who booked flats years ago but have just started getting possession after the resolution of the ecological quandary around the demarcation of a buffer zone around the Okhla bird sanctuary.
Thousands of flats in Noida and Greater Noida (west), earlier known as Noida Extension, will be delivered over the next few months, but the cost of registry will be 7% instead of 5%. The government hasn't made it clear which date it will implement it from or whether buyers who had booked flats earlier would be exempted. The stamp and registry department expects a surge in the number of applications. K K Yadav, sub-registrar, said, "A number of people has made enquiries to register properties before the revised stamp duty comes into effect."
Chandra Shekhar, an advocate who deals in registry of properties, said the proposed revision of circle rates has also created panic among homebuyers. "Registering a property is a time-taking process. The buyers and builders have to sign an agreement. The Noida Authority has to give a transfer certificate. The buyers then have to submit the documents and stamp duty," he said.
SOURCE: magicbricks.com
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