On the basis of circle rate, a property is valued and a stamp fee of 6% is charged on it. The stamp fee payment is mandatory in order to transfer a property from seller to buyer, said officials.
The Uttar Pradesh stamp and registration department said it had received objections against its proposal to hike the circle rate at which property cost is valued in Gautam Budh Nagar and is working to resolve them.
“At least 20 objections have been filed against the proposal pertaining to revision in circle rate. And the department is working on resolving the issues after which further action will follow,” said SS Pal assistant inspector general of UP stamp and registration department in Gautam Budh Nagar.
August 16 was the last date to file objections by all stakeholders including residents, realtors, factory owners and others.
According to the department’s proposal, the circle rates was to be hiked steeply to match the rates finalised by the local body authorities. In Noida’s A-category sectors 14A, 15A and 44, the circle rate is proposed at ₹1,94,250 per square metre (sqm) against the existing ₹1,03,500 per sqm — an 87% hike. In B-category sectors such as sectors 11, 12, 22, 70, 71, 72, 73, 74, 75, 76, 77 and 78, which are hubs of middle-income group housing complexes, the rate is proposed at ₹72,000 per sqm against the existing ₹52,500 per sqm — a 37% increase.
On the basis of circle rate, a property is valued and a stamp fee of 6% is charged on it. The stamp fee payment is mandatory in order to transfer a property from seller to buyer, said officials.
Realtors demanded that the circle rates and stamp fee be cut in view of economic slowdown in the realty market following the impact of the pandemic.
“Madhya Pradesh and Delhi government reduced the circle rates and also stamp fee. Therefore UP government should also cut down circle rate instead of a hike. The stamp fee should be reduced from existing 6% to 2% because homebuyers are in distress,” said RK Arora president of Uttar Pradesh national real estate development council (NAREDCO), a developers’ group that has written to UP Government.
The Gautam Budh Nagar additional district magistrate Vandita Srivastva said that the existing circle rates will be applicable for now. A committee headed by Srivastva to look into circle rates was to discuss the matter on Wednesday but was postponed.
“The committee will sit again after a week. We have prepared replies to the 20 objections filed. Now we will publish the same and do needful in this regard,” said Srivastva.
https://www.hindustantimes.com/cities/noida-news/noida-stamp-and-registration-dept-ready-with-replies-to-objections-on-circle-rate-hike-101629309159297.html
Ashish
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