The district administration of Gautam Buddha Nagar has decided against increasing circle rates. It has further proposed to do away with the surcharge on lifts and power back-up, thus, reducing the fees by 9%. This decision has come as a big relief to the homebuyers.
- This decision will come into effect on August 1st this year significantly lowering the cost of buying a flat in a housing society in Noida.
- “We have decided to propose a rebate on stamp duty across five areas where additional duties are imposed in case of group housing,” says Brijesh Narayan Singh, district magistrate, Gautam Buddha Nagar.
- Not just homebuyers who will benefit by 9%, even IT and ITes property buyers will also get benefit if they buy ground floor to third floor. In case of commercial properties, a relief of 15% has been proposed for ground floor buyers and a 10% relief for buyers of lower ground floor, mezzanine and basements.
- Developers who offer certain common facilities in their group housing projects would see the cost of project registration going down to 6% from the earlier 15 per cent. They would pass on the benefit to buyers in turn.
So how does this work for buyers?
- Now, terming the two facilities of power backup and lift as “necessity”, the Noida district administration has decided to remove them from the facilities that are subject to surcharge.
- On the other hand, a surcharge on common facilities of community centre/club, swimming pool and gymnasium has also been lowered from 3% each to 2% each.
- In effect, a developer would only pay 6% as surcharge if he provided all these facilities in his housing project. This would mean the total cost of the property value would go down for a buyer, and he would pay lower charges as stamp duty.
Source: Moneycontrol, Maakan