UP govt. has its way, increases stamp duty rate by 2 per cent
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UP govt. has its way, increases stamp duty rate by 2 per cent

15,000 properties are still unregistered in Noida as they were initially denied completion certificates.

UP govt. has its way, increases stamp duty rate by 2 per cent

The Uttar Pradesh government has issued a notification to hike stamp duty rate from 5 per cent to 7 per cent in Noida and Greater Noida.  Consequently, homebuyers in the twin cities will have to pay more money to get their properties registered.

The National Green Tribunal (NGT) had imposed a ban on issuance of completion certificates to properties that were falling in 10 km radius of Okhla Bird Sanctuary. There were around 20,000 unregistered properties in Noida whose completion certificates were withheld due to non-compliance of green norms. Though the issue was later resolved, only 5,000 home buyers were able to register their properties last month. About 15,000 properties are still to be registered.

The hike in stamp duty for registry of houses was opposed tooth and nail not only by residents and resident bodies but also by political leaders, including those of the ruling Samajwadi Party. While the BJP MLA from Noida, Vimla Batham, had written to Chief Minister Akhilesh Yadav and Governor Ram Naik seeking rollback of the hike, Congress and Bahujan Samaj Party (BSP) leaders were vocal in their opposition.

Ashok Chauhan, the Samajwadi Party candidate for 2017 Assembly elections from Noida, had met the state chief minister and urged him not to raise stamp duty in the twin cities. The government, however, went ahead with the move.

SK Singh, Assistant Inspector General of Gautam Buddha Nagar, said, "While registration duty in all other cities of the state was 7 per cent, it had remained at 5 per cent for Noida and Greater Noida so far. The government had initially taken this step to promote industries in Noida and Greater Noida. But, now that the purpose is served, it has withdrawn the concession."