Checking of properties for stamp duty evasion begins in Noida
Checking of properties has begun in Noida in order to curb stamp duty evasion by homebuyers. District magistrate BN Singh on Saturday inspected five properties in Sector 44, Sector 136 and Phase II. During the inspection, he found irregularities and stamp duty evasion in some projects.
According to media, the authorities will initiate action against people involved in this activity. The officials said that in some cases, the seller or the purchaser reach an agreement to declare the price of a property way below the market price. Subsequently, they buy the stamp paper for registry at an undervalued price, thus causing immense loss to the state exchequer. The DM also asked officials to carry out periodic inspections of projects and ensure that buyers do not move to new flats without registration.
The Gautam Budh Nagar stamp and registry department had recorded a shortfall of Rs 462.2 crore from its annual target in the financial year 2016-17. The department had an annual target of Rs 2,223.6 crore, but it collected only Rs 1,761.4 crore during the fiscal year.