CREDAI UP Seeks Reduction in Stamp Duty

CREDAI UP Seeks Reduction in Stamp Duty
Sep 2020 , by , in Latest News, News/Views

Representatives of CREDAI Western UP met the district administration to bring real estate in the state on track, propel the economic activities and boost employment opportunities. During this, a written memorandum was also given by CREDAI to reduce the stamp duty and registration fee in the district/ state. CREDAI’s delegation made their demands before the District Magistrate at Collectorte office in which the stamp rate in the district and state should be reduced for a few months and the fee for registration of agreement to sub-lease should be minimized.

Following the insistence of Hon’ble Prime Minister Narendra Modi and Durga Shankar Mishra, Secretary – MoHUA, many states have reduced the stamp duty and other states may join too in order to boost property transactions. CREDAI held a comprehensive meeting with the DM of Gautam Budh Nagar and urged to reduce the stamp duty in the district.

Apart from this, UP RERA had made it mandatory to register the builder buyer agreement / agreement to sub-lease in the district. At present, a home buyer has to pay a 1% registration fee for the property while agreement to sub-lease. Once again a home buyer has to pay 1% registration fee during the final registration of the sale deed. In this way, the home buyer has to bear the registration fee 2 times for the same house which prevents the home buyers from registering the property. If authorities minimize the charge of agreement to sub-lease then home buyers will be encouraged to register property and district revenue will also go up.

“To cut the stamp duty in the state on the lines of Maharashtra, we had a meeting with the district administration. We urged that the state government should reduce the stamp duty for the next 6 months to 1 year. In addition to the buyer builder agreement or agreement to sub-lease, current fees charged for registration should also be minimized. This will excel economic activities in the state along with employment opportunities and revenue for the state.” Subodh Goel – Secretary, CREDAI Western UP & MD, Civitech.

A home buyer has to pay a huge amount in tax. If tax is reduced then the affability of the property increases. The purchase and sale of property can bring positivity in the real estate sector.  After the Covid – 19 epidemic, CREDAI is determined to push the real estate sector. For this they are taking various measures and today’s meeting was one of them to increase economic activity in the real estate sector, create new jobs and increase income in the state.

Apart from Subodh Goel, Secretary of CREDAI WUP other members were Deepak Kapoor- Ex President, CREDAI WUP and Director, Gulshan Homz, Suresh Garg – Ex Secretray, CREDAI WUP and CMD, Nirala World, Manish Gupta- VP, CREDAI WUP and Director, PKS Group, Pramod Gupta- VP, CREDAI WUP and JMD, Ajnara India, Naveen Goel- Joint Secretary, CREDAI WUP and MD, Casa Greens.

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