Why do Property Buyers in Noida to Pay Hiked Rates of Stamp Duty?

The Property buyers in Noida are all set to pay increased stamp duty. Despite opening of the offices, registry and stamp department has nearly completed 2000 registries. The issuing of around 49 developers’ Projects in Noida have been stopped due to the absence of the eco-sensitive zones of the Okhla Bird Sanctuary.

The centre notified the eco-sensitive zone. Out of the total 49 developers, 26 of the developers having almost 16710 thousand apartments in Noida properties who have occupied the certificate from Noida Authorities. As per the authorities, the decision of increase in stamp duty that was decided by the state government will not be rolled back. The department of stamp and registration is being asked to work all days expect Holi till 31st March. The authorities say that to ease the burden of the home buyers, they have asked the register maximum Properties in Noida that the stamp and registration department can in advance of the government to issue hike in the stamp duty.

Thousands of registries and pending and very soon the stamp duty in the area is going to increase from 5-7 percent. Furthermore, the authorities have mentioned that the department generally develop 125 entries in a day whereas currently the department in registering almost 300 new Noida Properties in a day. The authorities however confessed that the target is pretty big and still there are thousands of registries that are pending for registry.

There are 26 developers with over 16,000 registries for the projects that were hampered due to the Okhla Bird Sanctuary. Apart from these developers, there are numerous other developers along with many individual registries which are also pending for Property in Noida, which crosses a total of 20,000 pending registries. For covering the maximum entries in a day, the authorities have been asked to provide additional infrastructure and manpower. Meeting up these deadlines is the prime motive of the authorities.

The increase in the stamp duty in Noida properties, the buyers are concerned as these will have an effect on their pockets and understanding the concern of the Property Buyers in Noida, the authorities are putting in the best of their efforts to reduce the pressure and burden of the Home Buyers in Noida.

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.