Property Prices Get Costlier in Noida With Increase on Stamp Duty

The Uttar Pradesh cabinet has approved the hiking of the stamp duty on the homes by 2% in all the cities. This will automatically increase the burden of the buyers by 1-2 lakhs whereas the revenue department will be earning an additional of Rs 100 crore from Buyers of Property in Noida. With the Okhla Bird Sanctuary row, the home buyers will fell double whammy about their homes.

The buyers have got angry and accused the nexus between the developers, Noida Authority and district administration for various miseries. The developers believe that this would have an adverse effect on the GB Nagar real estate. Also. The authorities say as soon as the government issues the notifications and order, they will start to charge the new rates of the stamp duty.

The authorities also believe that this will take a month to complete the entire process, and thus they say that the hiked stamp duty is likely to charge from April. However, this will not go down pretty well especially with the buyers of Noida Properties. These buyers are especially those who were forced by the developers to wait out a legal battle to draw an eco-sensitive zone all around the Okhla Bird Sanctuary where they have bought apartments. Apart from these, there were numerous flats those were not delivered due to stay orders by the governments will be delivered now and these will be affected by the hiked stamp duty.

Previous year after the final notice to notify the eco-sensitive zone around the Okhla Bird Sanctuary, the respective department has declared that they will be charging additional stamp duty for the completed apartments that were not delivered due to the legal battle.