In Greater Noida, pay stamp duty at time of booking flats now
NOIDA: Homebuyers will now have to pay stamp duty for a property upfront as Greater Noida Authority has made it mandatory for builders to register flats at the time of booking in all new housing projects, rather than upon project completion.
The new rule, aligned with Section 13 of the Real Estate (Regulation and Development) Act (RERA), 2016, also requires builders to execute a registered bipartite ‘agreement to sell' with buyers once 10% of a flat's cost is paid, with applicable stamp duty based on the property's value. A separate ‘possession deed' is to be signed on a Rs 100 stamp paper at the time of the flat's handover.
Stamp duty on a property is usually around 6% to 7% of the total cost of a flat. While homebuyers, so far, paid stamp duty once their property was handed over by builders, they will now need to pay the money right at the time of booking. With several group housing projects stalled over legacy dues in Greater Noida, some for over a decade, homebuyers have been struggling to get possession of their properties even after partial or full payment.
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