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.
