In a blow to the home buyers, the Uttar Pradesh cabinet has approved a 2% stamp duty hike in Noida and Greater Noida. The revenue department is expected to benefit by an additional Rs. 100 crore by the move. Meanwhile, home buyers are cursed by extra burden on their shoulders. Disappointed buyers accused a tie between Noida Authority, developers and district administration for hiking the stamp duty.
Earlier, other UP cities was endorsed 7% stamp duty, with only Rs 10,000 rebate allowed if the property was registered under a woman’s name. In a bid to encourage the industrialization, Noida and Greater Noida received special considerations and were allowed only 5% stamp duty. By the new rates by UP stamps and registration department, the stamp duties of the Noida and Greater Noida will be made in par with stamp duty rates of other cities in Uttar Pradesh. After completion of the whole formalities and paper works, the new charge would be implemented likely from April.
While commenting on the stamp duty hike, buyers opinioned that they are already reeling in financial burden and cannot afford any more of it. Weaving the agony together, developer’s opinioned that buyers who are already reluctant to the real estate sector can be expected to further maintain distance by the hike in stamp duty. The stamp duty hike is also regarded as a double hit for the buyers in UP as they were earlier affected by the Okhla Bird Sanctuary row, which resulted in late delivery of projects across Noida.