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.

You cannot ignore these hidden costs while buying a house

You must have read advertisements in newspapers as well as seen them on the T.V with some interesting and attractive offers that the builders offer. Definitely these are not same to what you pay. In the rarest of the rare case you must have paid the exact cost that you see in the advertisements. These increased costs are nothing but the hidden charges that is included in your actual cost of the Property in Noida, in fact, nationally. These hidden costs includes service tax, registration cost, duty fees, and maintenance cost, parking and brokerage fees. Of course these affect you budget drastically. Thus, here we bring a list of the hidden cost that can be included in your budget.

·        Registration Fees and Stamp Duty

The state government charges the registration fees as well as the stamp duty to the buyers while they are buying a property. The registration charges are levied for transferring the ownership whereas the stamp duty must be paid to get the registration of the name done. However, these charges are different in every state and thus one should increase the cost mention in the advertisements.

·        Maintenance Charges

These are basically the charges for maintaining the surrounding as well as the other amenities like lighting and parks. However, there is no guarantee for the damages that occur in the future. This price definitely varies from one project, builder and society to another.

·        Brokerage

Brokerage cost is not always included in your final cost. It depends from whom you have bought your property from. If it’s a third party that you are buying your home from, then you have to pay these charges as well. However these are only 2-5%. Advisably, buy a home directly from the builder as this would cut-down the brokerage charges.

·        VAT, interiors and parking

VAT charges are something you cannot ignore paying, you have to pay it. Interiors are the most important factors for your homes and you definitely don’t want to mess-up with them. However, you can ignore taking the car parking but you might regret it later, as the place gets occupied you will find an empty space to park your vehicles.

Thus, whether you like it or not, whether you find it to be apt for yourself, you have to pay these hidden charges. So, before investing in property in Noida, Delhi or elsewhere, make sure you add these cost well in advance to save yourself from the sudden surprise of extra charges. 

Curative Touch for Kolkata’s Salt Lake - Buy Property

Under the Atal Mission for Rejuvenation and Urban Transformation, the Bidhannagar Municipal Chas has come up with a proposal to build 4 parks in the industrial area.The corporation has recognized around 20 parks in the industrial area that can be constructed with minimal interference or involvement. The parks and open spaces are evaluated in terms of family facilities, physical activity resources, playing equipment for the kids and general services along with the facilities that has come up with the real status of the parks in its care.

The authorities have seen numerous parks that lack in many thing including the boundary walls of the parks. Many of these parks does not have fences as well as public facilities like dustbins, or piped water. The parks also do not have planned play areas or any play equipment for the kids. The facilities needed for attracting the crowd is also missing, there are no ice-cream parlors, snack stalls or kiosks. The officials also believe that many of the parks are not well-lit, manicured or landscaped.

Also, there are almost 12% of the parks those need boundaries, 20% lack supply of water, almost 10% does not have dustbins and 15% needs fenced areas. As per the authorities, the rejuvenation plan includes the involvement of the local citizens and many groups in the maintenance along with to upkeep the development sustainable.

There has been four parks that are decided for the healing touch-up for the present fiscal. These four parks are Nishikanan Park in Rajarhat Dakshin Narayanpur, Niranjan Pally Park and Salua Park in Rajarhat's ward number five as well as municipal sports complex Park also in Rajarhat.’

The major concern of the officials is that there is depletion of green spaces that can be seen due to urbanization. Earlier, the Bidhannagar municipality had been the guardian for all the parks in the Salt Lake as well as many in Rajarhat that came under Rajarhat Gopalpur municipality.Also, all the gardens and parks now come up under the Bidhannagar Municipal Corporation.

This infrastructural development along with other developments in the real estate market in the city which has shown an increased demand of the residential and commercial Property in Kolkata. Also, these infrastructural developments and growth are making the city grow and progress towards an upcoming boost in the city which would be beneficial for the developers as well as the buyers.

National Highway 24 Ready to Provide a Smooth Ride from Ghaziabad to Delhi - Buy Property

National Highway 24 or Delhi Meerut Expressway is on its way for widening as PM Narendra Modi launched Rs 7,566 crore project for the same. This has been delayed for over six years and finally the project is now ready to take off in almost two months and the completion timeline for the same is set at 30 months. The seamless connectivity will definitely make traffic jams a thing of the past and will cut down the travel time to the capital city, Delhi.This will have positive impact on both the developed and developing areas near the region.

The authorities have already acquired the land for the project except some of the patches like built-up inroad in Pandav Nagar region. Also, the Dasna to the Meerut Bypass’s processes have been completed and the compensation of the farmers has been submitted to the local authority.

This project has been proposed in all four sections. These sections are Nizamuddin Bridge to Uttar Pradesh border; UP border to Dasna; Dasna to Meerut and Dasna to Hapur. The work has been started in two of these four sections whereas the other two are in the pipeline. These are expected to being by March, as per the authorities.

The experts in the real estate sector say that the improvement in the infrastructure surrounding this corridor is necessity than a choice and if there will be any more delays in the widening will definitely lead to piling up of the unsold Properties in Ghaziabad and its surrounding areas. The realty market of Ghaziabad is said to be a market for the end-users and is said to be largely dependent on completion status of the projects, its infrastructure, its price and the location that is available in and around the projects that are coming into the city.

It is being said that there will be no impact or changes in the prices of the Ghaziabad Properties in the next 12-18 months due to which people are also not excited about the national highway 24, however, everyone is waiting for the actual ground work to start. There has been confusion and chaos due to this project as it was announced six years back and till date the actual development have not started. The ongoing constructions and the prices of the projects are actually dipping down. The prices are expected to recover when the project will be near completion, before that there is no expectation of change in the prices of the Projects in Ghaziabad and nearby areas.

Definitely, these developments are going to be a game changing segments for the city. National Highway 24 will make it more convenient for the travelers, residents and professionals to travel to Delhi as the time period will be reduced and there will be less traffic on the roads. Thus, the national highway 24 will be one of the best infrastructural developments for Ghaziabad which will of course have a positive impact on the real estate sector in the city and will provide good returns on the investment in the future.

New Town Soon to Introduce Unit Area Tax - Buy Property in Kolkata

In New Town, there will be an introduction to the unit-area system by the New Town Kolkata Development Authority for collecting water and Property taxes from the bulk customers. The city failed to make it to top 20 in the smart city list as it ranked 30^th. However, the authorities are hopeful that the city will feature itself in the second list.

The authorities are eager to make it to the second list for which they are already preparing themselves and they are working full-time for the quick execution of the unit area system in New Town. The documents for the same are in the process of being prepared. Along with numerous facilities, there will be web-based property tax system through which there will be online tax collection. The service will also provide synchronization if tax data and land on the same database.

After getting ago ahead earlier, the New Town Kolkata Development Authority asked the West Bengal valuation Board to make a yearly valuation of the Kolkata Properties especially those present in the township. After the discussion, the authorities have decided to opt for the assessment of the unit area as it is said to be appropriate with the modern smart city concept.

The New Town Kolkata Development Authority Act was revised after much analysis and enquiry which not only gave the authorities the power to collect and impose property tax from the people residing in the townships but also allowed the authorities to act as a municipal authority. As per the authorities New Town is still a township that is developing and there are numerous factors like permitted floor area ratio and current market price of the land for commercial land areas were taken into the consideration for the new or upcoming structure of the tax. This will be a positive and improving step towards Property in Kolkata and this might lead it to make enter into the second list of smart cities.

YEIDA Allottees to Get Lands by June – Buy Property

About 21,000 individual allottees are all set to get the possession of their lands after nearly 7 years which were allotted to them by the Yamuna Expressway Industrial Development Authority.

As per the officials, there was a delay in the possession of lands due to the agitations by the farmers. There are around 77 villages in the region which have been agitating for a hike in the compensation of 64.7% for their lands or areas. The Uttar Pradesh government has directed the Yamuna Expressway Industrial Development Authority to pay the enhanced compensation to the farmers.

Officials reported that they have started the payment of enhanced compensation. And they take it as their priority to hand over the land possession to the allottees. Although, the authorities have already circulated Rs 260 crore to the farmers and have taken the possession of the land in sector 20 of the Yamuna Expressway Industrial Development Authority.They are also planning to take possession of sector -18 within next 30 days which is said to have almost 7,000 allotted lands. The allottees are also asked to cough up extra money for their lands for the authority to pay improved or increased compensation of 64.7% to farmers in the region.

Also, the allottees have been trying really hard to get relief from the extra load. Last year in October, the plot owners got the judicial reprieve from the added burden under the banner of the Yamuna Authority Residential Plot Owner Welfare Association. The association is definitely clear that they want to distribute the compensation to the farmers as well as they are willingly sharing the burden of the farmers.

However, the authorities approached the Allahabad high court seek some relief in the payment plans. The court thus asked YEIDA to sort the issue for which a committee was formed of senior officials who took the final decision on the issue on 22^nd January 2016. Also, as per the sources, the committee would allow the allottees to pay the burden in 8 installments than that of 4. These instalments are said to be interest free and would not have any penalties in case the allottees are not able to pay their dues. Also, the individual allottees are also being asked to give up either Rs 550 or Rs 1,770 per square meter for sharing their burden with Yamuna Expressway Industrial Development Authority.

This is definitely a relieving feeling for the allottees as they would finally get the lands and their long wait will be over. There are around 10,000 allottees who have cleared their first installment which was due on 30^th October, 2015, it is not necessary for them to pay the second installment. However there are around 11,000 allottees who have till now not cleared their 1^st installment. They will now be asked to pay both of the installments together.

Thus, the Property in Noida is coming out to the judicial issues and working back on the schemes that they were made for. It is also adjusting the share of the farmers as they should not be in loss due to these schemes.