Earlier, when someone bought a flat, the stamp duty was paid only after taking possession of the flat. But now the rules have changed.
Delhi: Buying a house is everyone’s dream. Many people save money for their ‘dream home’ for years. However, when it comes to booking a flat, the rules of the house buying process often change suddenly. Which sometimes leads to a headache later on. One such big and important step has been taken by the Greater Noida Authority recently.
Earlier, when someone bought a flat, the stamp duty was paid only after taking possession of the flat. But now, as per the new rules, stamp duty will have to be paid at the time of booking. This means that buyers who dream of owning a house will now have to make more financial preparations before booking.
What is the reason behind the new rule?
According to the Greater Noida Authority, many builders are not completing projects on time. Some have been lying in a semi-defunct state for 10 years. This causes financial losses to buyers and they do not get the house on time. To solve this problem, the authority has now taken a step forward and made it mandatory to make a registered “Agreement to Sell” at the time of booking.
What is the rule?
When the buyer pays 10% of the price of the flat, his “Agreement to Sell” will be registered.
This will require you to pay stamp duty based on the market value of the property (usually 6% to 7%).
At the time of flat possession, the “Possession Deed” will be signed on a stamp of only Rs 100.
Builders are upset with this new policy. They have raised the question that if the buyer cancels the flat after booking, will he get the stamp duty back? The authority has not yet clarified on this. This is also likely to lead to legal disputes in the future.
This concept was approved in the 136th board meeting held on October 27. The purpose of this is to ensure that the flat is not sold to someone else by registering it at the time of booking and the government also gets stamp duty revenue on time.
In short, if you want to buy a house in Greater Noida now, you will have to spend a large amount at the time of booking. Therefore, it will be necessary for homebuyers to plan according to this new rule.
This rule has been implemented in Greater Noida so far. But there is no movement in Maharashtra regarding this at the moment.
