Stamp duty hike comes into effect in Yamuna eway area
The Gautam Budh Nagar stamp and registration department on Friday said it has started charging increased stamp duty from property buyers in the Yamuna expressway area.noida Updated: Jul 30, 2016 00:13 IST
The Gautam Budh Nagar stamp and registration department on Friday said it has started charging increased stamp duty from property buyers in the Yamuna expressway area.
Those buying property in the expressway area will now have to pay 7% of the total cost as stamp duty, instead of the earlier 5%.
However, the state government is yet to announce when it will increase stamp duty in Noida and Greater Noida areas.
“The state government notification on revision in stamp duty is silent about Noida and Greater Noida. However, from August 1 we will hike circle rates up to 14% in plotted areas of Noida, in proportion to the allotment rate hike by Noida authority. If the circle rate is higher than the allotment rate in any area of Noida, we are open for its downward revision,” said Rajesh Yadav, additional district magistrate (ADM), Gautam Budh Nagar.
With the increase in stamp duty coming into effect, if one wants to purchase a property of Rs1 crore in the Yamuna Expressway area, he or she will have to pay Rs2 lakh extra as the stamp duty has been hiked by 2%. However, on Friday, there was no registry of property executed in Greater Noida’s sub-registrar office, which executes properties falling in Yamuna Expressway areas.
“No buyer turned up to execute property in the Yamuna Expressway areas on the first day of the hike in stamp duty. Due to the slump in realty sector, very few buyers have been visiting the registry office for property execution. In a month, we get to execute only five to six properties on an average, that too for land or plot,” said Mukesh Yadav, sub registrar at the stamp and registration office in Greater Noida.
Plot allotees and flat buyers expressed their anger over the hike. According to buyers, the hike would further drive away investors from the area.
“I do not understand why the government has hiked stamp duty. The Yamuna Expressway authority is yet to give possession of 21,000 residential plots allotted in 2009, then why the hike in stamp duty and circle rate in the expressway area? If the stamp duty hike is not rolled back we will oppose it in court,” said Alok Singh, an allottee.
However, Amarnath Upadhyay, additional chief executive officer (ACEO) of the Yamuna Expressway industrial development authority (Yeida), said, “I do not think the hike in circle rate or stamp duty will affect property purchase in Yamuna expressway areas. Buyers will not bother about stamp duty hike or circle rate as we are offering excellent locations along the expressway, where an airport is also coming up.”