The UP cabinet has recently approved a hike in stamp duty on house by 2%. The new stamp duty charge will be 7% as opposed to the earlier charge of 5%. The step will force the buyers of property Noida Extension, property in Greater Noida West, flats in Noida Sector 76 and properties in other parts of the state to spend extra Rs 1lakh to 2 lakh. Earlier the new charges would have been effective from new financial year that is 1st April but the state government has postponed the date by approximately 4 months. It is expected that with rise of charges the government will make an additional revenue of Rs 100 crore. Let us see how various stakeholders of property In Noida Extension have reacted to this new:
Buyers: The buyers of Noida Extension, property in Greater Noida West, flats in Noida Sector 76are happy with the decision. The extension has given them more time to register their property In Noida Extension at say older rates. Recently the UP Stamps and Registration Department faced immensed workload as buyers of property In Noida Extension rushed to get their properties registered before implementation of new charges.
Real estate developers: The builders too are happy with the move as it will help them to sell property and reduce the inventory. People who buy a property In Noida Extension are extremely price sensitive and therefore most people will try to buy and get their property registered in the next four months. Builders feel that there will be acceleration in the sales movement and selling a property to the buyers in the next few months is going to be much simpler. Many people who were postponing a home buying decision will now be prompted to make a quick investment. Most of the end-users buy a property Noida Extension , property in Greater Noida West, flats in Noida Sector 76 as the real estate available here is reasonable. Builders are now offering various deals so that they can easily reduce the unsold inventory sell property to all those who are thinking to invest in Noida real estate.
Investors: Investors are looking to sell property and exit the market as a hike in stamp duty in the next few months will dampen the buyers’ spirit. Hiking stamp duty charges from 5% to 7% will make it more difficult for investors to exit the market. Investors are therefore looking for a way to quickly exit the market.