Stamp duty hike: FONRWA reaches out to CM Akhilesh
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Stamp duty hike: FONRWA reaches out to CM Akhilesh

In a letter, the resident body sought exemption for Noida from the hike saying it would adversely affect buyers and builders in the wake of steep rise in property rates.

Stamp duty hike: FONRWA reaches out to CM Akhilesh FONRWA members handing over a memorandum to the City Magistrate of Noida

In a last-ditch attempt to stop the UP government from implementing hike in stamp duty, Federation of Noida Residents Welfare Association (FONRWA) wrote a letter to Chief Minister Akhilesh Yadav. It termed the proposed 2 per cent hike, scheduled to come into effect from April 1, as totally unjustified.

Office bearers of FONRWA handed over the letter to City Magistrate Bacchu Singh who they met on Wednesday to register their protest against the state government move.

In the letter, the FONRWA conveyed to the CM the anguish of residents of Noida over the hike in the stamp duty for registry of flats and houses. FONRWA President, NP Singh, said the hike puts additional burden on the residents who are already burdened with rising costs of real estate.

General Secretary of the RWA body, AN Dhawan, said that the hike is particularly harsh on Noida. Compared to other cities of the state, he pointed out that property rates here have recently witnessed steep rise. Against this backdrop, any increase in stamp duty will adversely affect both buyers and builders. 

Making a strong case for Noida, the letter said since the industrial township happens to be the highest contributor to state revenue in terms of taxes, it should be exempted from the hike. It also recalled that when the industrial township came into existence, the state government had promised subsidy on stamp duty for the residents of Noida.

Bacchu Singh told City Spidey that he would convey the feelings of the residents of Noida to the higher ups in the state government and recommend rollback of the stamp duty hike.