April16 will see a hike of stamp duty by 2% in Noida and Gr Noida

April16 will see a hike of stamp duty by 2% in Noida and Gr Noida

NOIDA: The will be a hike of 2% on the stamp duty in Noida and Greater Noida to come into effect anytime soon. The current 5% will be increased to 7% according to sources from the stamp and registration department. While the UP industries department has issued a notification to this effect, the stamp and registration department will also issue the same within this week.

In another development, around 30,000 registries are seems to have been kept pending due to the delay on the part of developers whose payments are yet to be recovered. If the developers do not clear these payments, the authorities will not issue completion certificates which will further delay registering properties, according to the stamp and registration department.

Sources suspect that there is an intentional delay caused to register maximum number of deeds. Developers on the other hand feel that the hike will negatively impact real estate in GB Nagar.

TOI was the first to have reported that there would be a hike of 2% on the stamp duty in cities as per the State government. Such a hike will definitely increase the burden on every buyer to the tune of Rs.1 to 2 lakh each year. But, the revenue department will see an increase in revenue by Rs.100 Crore approximately. 

There is an inordinate delay already in delivering flats to the buyers in GB Nagar due to the problem of Okhla Bird Sanctuary row. The new increase will affect the buyers even more. 

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