Rumours take a toll over the city every now and then and sometimes the Nation & some specific region, and spread like a forest fire in no time. Eventually, people start panicking about the future, keeping the rumours’ probability in mind. Something of this sort recently happened in real estate industry and the district administration has to intervene and assured the interested home buyers that registries’ stamp duty would not hike with the opening of new financial Year.
The whole real estate industry in Delhi, NCR was in turmoil before the concerned authorities officially stepped in. It became a talk of the town that the stamp duty will supposedly increase from 5% to 7%, April 1, 2016, onwards. The officials of the administration also mentioned if stamp duty would ever get increased in future, it will only happen after a notification.
Although the stamp duty has been increased by 2% in Noida and Greater Noida region, after the UP cabinet approved this hiking in stamp duty. The city based land developer, Earth Infrastructures Ltd, have shown its concerns towards the burden that home buyers will have to bear, which is the direct hike of Rs 1-2 lakh on him/her. Earth Infrastructures Ltd, also mentioned that the revenue department might earn additional Rs 100 crores due to this hike.
Other city-based developers are predicting that this hike in stamp duty will definitely affect the real estate negatively in GB Nagar. The additional District Magistrate, Rajesh Yadav clarified in a press release that the administration has not received any notification or communication regarding stamp duty hike in Gautam buddha Nagar. Therefore, Yadav assured that there is no need to panic. If any change takes place in registration, it will be communicated to all in time.
Home buyers, on the other hand, are in a rush to get the registration of their properties done as soon as possible. Looking at the chaos, some government officials are advising the home buyers and developers, to take the help of constitution, especially The Registration Act, 1908.