Finally, the UP cabinet has approved hiking of stamp duty on homes by 2% in many urban areas, including Noida and Greater Noida. This could put yet another Rs 1-2 lakh burden on every home buyer, because the revenue department really wants to earn another Rs 100 crore. With thousands of flats in Noida are ready to be delivered in Gautam Budh Nagar, while the possession is influenced through the Okhla Bird Sanctuary (OBS) row, it’ll be a dual whammy for such home purchasers.
GB Nagar additional district judge (finance and revenue) Rajesh Yadav mentioned, “Once the government issues notification and order inside the matter, we’ll start charging hiked stamp duty.” Upset home buyers sees this as a nexus between Noida Authority, developers and district administration for misery. Developers mentioned the selection will negatively impact on the real estate in Noida.
Government sources mentioned the entire process will most likely be completed in the month time, showing the hiked stamp duty will most likely be charged from April. If implemented, the proposal won’t come down well particularly with home purchasers who’ve been compelled to wait out til the finish of the legal battle to demarcate an eco-sensitive zone around OBS, whomever vicinity they’d bought flats in Noida. Besides these, thousands of flats, that could ‘t be completed because of the stay order through the two year-extended legal fight, and so are being shipped now, might have the hike.