Registration charges for Noida flats get costlier by 2%, buyers to feel the brunt

In what appears to be a double-whammy for home buyers in Noida, the department of Uttar Pradesh stamps and registration has decided to increase the registration charges for the flats in Noida by 7% from the prevailing  rate of 5%.

The impending hike of registry charges will impact buyers financially, considering most of them are already in legal tug of war for the flats they purchased in the vicinity of Okhla Bird Sanctuary, the location which drew legal embroil over demarcation of eco-sensitive zone.

The decision will reportedly force the owner of Okhla Bird Sanctuary (OBS) flats to suffer the brunt of costlier registration charges as their flats are not registered. Moreover, the hike will also affect registration cost of thousands of flats which are now being delivered after two-years of legal battle. The central government had resolved OBS issue by notifying eco-sensitive zone on August 19, 2015, which okayed resumption of the construction work around the area. In that time, the department of the UP stamps and registration had declared not to increase the stamp duty beyond the existing rates.

Later, it was decided that the older registry rates would be applicable in case handover of completed flats not possible due to legal embroilment.

The decision to hike registration charges in Noida came in order to keep the city’s registry rates on equal terms with the rest of the state.

Only 810 flats out of 16,710 of the 26 projects whose completion certificates were issued, are registered, said the report. The hike in registration charges will reportedly hit buyers reeling under financial severity and who are fighting for long to have their property registered and are forced to suffer EMI and rent outgo.

Source: ET Realty. February 24, 2016

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