Two days after the Uttar Pradesh Cabinet cleared a proposed hike in stamp duty from the current 5 per cent to 7 per cent, the residents of Noida have come out strongly against the state Government’s move. They demanded immediate withdrawal of the proposal.
President of Sector 19 RWA, Rishipal Singh Awana, said he had written to Chief Minister Akhilesh Yadav to draw his attention towards the adverse impact of the ill-advised move. The 2 per cent increase in stamp duty, he said, will be an additional burden on land and property buyers of Noida and Greater Noida who are already reeling under the burden of ever-increasing cost of properties.
Citing media reports, he said, “The state Cabinet has given a go-ahead to amend the Industry Development Act 1976 in the ongoing session of the state legislative assembly. Once amended, property rates will shoot up. Against this backdrop, the hiked stamp duty will be additional burden on property and home buyers of Noida and Greater Noida.”
Pointing out that 7 per cent stamp duty is applicable to areas that fall under the jurisdiction of the municipal corporation, Awana said since Noida and Greater Noida do not come under a corporation, it should not be applicable to them.
President of Unitech Unihomes Buyer Association and Founder of NCR Home Buyer Group, Navneet Sarin, echoed similar views when he said, “Thousands of flat buyers, who have booked flats in the twin cities, have not been given possession of their homes more than two years after the stipulated time. The Government should take action against the erring builders rather than forcing home buyers to cough up more money by way of increased registration fee.”
Sarin urged the Government to rollback the hike as it goes against the interest of both the old and new property buyers.
