Impose stamp fee as per original flat delivery date: Central Committee
In a major relief to aggrieved homebuyers, an 11-member high-level committee headed by DS Mishra, secretary, Union ministry of housing and urban affairs, has recommended that the Uttar Pradesh government allow registry of a flat at the circle rate prevalent when possession of the dwelling unit was promised by the builder.
Currently, if the builder delivers a flat after a five-year delay, then the Uttar Pradesh stamp and registration department imposes a stamp fee based on the circle rate of the year of registry. The practice increases the financial burden on the homebuyer, who, due to no fault of his/her own, simply received the flat late.
The UP government will soon take a decision on the recommendations made by the high-level committee formed on June 18, 2018. The Noida, Greater Noida and Yamuna Expressway authorities’ chief executive officers, top officials as well as national building construction corporation officials are members of this committee. The committee has made 11 recommendations to the ministry of finance, the UP government and the industrial authorities to solve homebuyers’ issues.
The committee’s recommendations include waiving off stamp fee for homebuyers, the formation of a ‘zero period policy’, additional funding to builders to finish stuck projects, legal assistance to aggrieved homebuyers and a separate real estate regulatory authority (RERA) for Noida and Greater Noida, among others. The committee has also recommended to the ministry of finance that the Reserve Bank of India should ask banks to consider realtors’ proposals to fund stuck realty projects.