GreNo West homebuyers demand reduction in stamp duty for property registration
Noida: Homebuyers from Greater Noida West staged a protest outside the office of Uttar Pradesh Real Estate Regulatory Authority (UP RERA), demanding reduction of stamp duty rate levied during the registration of purchased properties.
The protest was held with the support of Noida Extension Flat Owners Welfare Association (NEFOWA). Homebuyers argued that the rate of duty should be brought down on the line of Maharashtra and Karnataka. Governments of these states have reduced the rate keeping the difficulty faced by homebuyers during the ongoing challenging times of Covid-19.
Abhishek Kumar, president of the association said that the rate of duty should be brought down to 2 per cent from the current rate of 5 per cent. He said, “Homebuyers are happy as they have got possession of their flats after a long battle. But they are a little hesitant while going for registration because of the current rate of duty.”
He said that many homebuyers have lost their jobs in the recent past due to Covid-19 pandemic. It made their situation difficult as they are going through financial problems.
He said, “Considering above issues, we have demanded from the state government to reduce the current rate of duty to 2 per cent from the existing 5 per cent which is being levied while execution of property registration.”
Moreover, there are developers who have not been cooperating with homebuyers in execution of property registration, despite they have already been issued completion certificates by the competent authorities.
Kumar said that the issues have been brought into the notice of concerned officials with the authorities but action is yet to be taken. He said they would like to request the government for issuing instructions to the concerned officer to look into the matter and get it resolved.