UP govt announces to reduce stamp duty on properties

Lucknow, June 25 (UNI) Giving a breather to those purchasing land or flats, the Uttar Pradesh government today announced that the stamp duty on registration of properties would be reduced from eight to five per cent.

Female property buyers would also get an additional two per cent rebate on five per cent as it existed in the previous eight per cent duty.

The government has also announced to introduce e-registration and simplifying of the property registration within next six months.

The government has extended the property rates at Noida and Greater Noida as per the rate of the Development Authorities, however, the circle rate would not be applicable for next one year.

The decision was taken in the cabinet meeting here, which was chaired by Uttar Pradesh Chief Minister Mayawati.

Briefing mediapersons, state Cabinet secretary Shashank Shekhar Singh said now the people have to pay only five per cent as stamp duty on registration of properties in the state.

Though maintaining that the reduction would not hamper the revenue of the department, he said after six months an assessment would be made to see the fallout of the decision.

Similarly, the government has reduced the duty on the agreement papers between the owner and the Development Authorities from existing Rs 80 on the value of Rs 1000 of the property to Rs 40.

While, the amount of the lease deed has been reduced to Rs 20,000 from Rs 40,000 and the stamp duty on the lease deed has been reduced to Rs 20 per Rs 1000 value of the property from the existing Rs 80 per Rs 1000.

Mr Singh said the reduction was made as the state was loosing revenue due to lower tax structure in other neighbouring states.

The Cabinet also decided to modify all the 347 sub-registrar offices in the state and a big private company would be selected through Public Private Partnership (PPP) to install a software through which registration of property could be made within 30 minutes, the Cabinet Secretary said.

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