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Posh Noida condos in for higher duty

IF YOU are planning to buy a house in Noida, away from the cramped and costlier Delhi, you need to rework your budget and prepare to shell out more. Reason: the district authorities have decided to substantially raise stamp duty on apartments.

india Updated: Jun 13, 2006 01:22 IST

Govt plans to make occupants pay more as stamp duty for luxuries like swimming pool, gym & creche

IF YOU are planning to buy a house in Noida, away from the cramped and costlier Delhi, you need to rework your budget and prepare to shell out more. Reason: the district authorities have decided to substantially raise stamp duty on apartments.

Registration of plots too will cost you double the current charge after the proposed circle rates hike -- expected any day after June 16.

O.P. Awasthi, assistant inspector general, Stamps (Gautam Buddha Nagar), told HT the hike in circle rates for houses on independent plots will be between 30 per cent and 166 per cent. And high-end apartments and villas will attract an additional stamp duty of 25 per cent. "Flats and residential units in a complex where club, swimming pool, gymnasium and crèche or any other special facilities are provided will attract 25 per cent additional stamp duty," Awasthi said.

Currently, for a penthouse costing Rs 2.5 crore, you pay 8 per cent stamp duty (Rs 20 lakh) for its registration. After the hike, you will pay Rs 5 lakh more for the special facilities. For a three-bedroom flat costing Rs 65 lakh, the additional stamp duty burden will be Rs 1.30 lakh and for a two-bedroom flat of Rs 45 lakh, it will be Rs 90,000.

How much more you pay also depends on where you buy the house. The circle rates for apartments in sectors 15A, 44, 50 and 93A will be raised by 50 per cent. In sectors 24, 30, 31, 38A, 41, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 61, 71, 72, 82, 92, 93, 93A and110, the circle rate is proposed to be hiked 100 per cent.

The circle rate hike proposal, which was displayed at sub-registrar offices, has about a dozen public objections. After the objections are cleared and suitable changes made, the revised circle rates will be put before the district magistrate to make them effective.