Stamp duty and registration charges in Noida, Greater Noida

[ecis2016.org] Here is everything you need to know about stamp duty and registration charges on property purchase in the Noida and Greater Noida markets

Home buyers who are planning to purchase property in the promising and affordable housing markets of Noida and Greater Noida, have to pay stamp duty and registration charges as part of the property purchase transaction.

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What is stamp duty and what are registration charges?

Home buyers have to pay a certain percentage of the property’s value as stamp duty, to get it registered in the government’s records. They also have to pay 1% of the property value as the registration charge for completing the paperwork in Noida and Greater Noida.

In this article, we will talk in detail about stamp duty and registration charges in Noida and Greater Noida, the two housing markets that have received a major boost in the recent past with various infrastructure projects, including the Jewar airport project, which have improved connectivity along these commercial hubs in the national capital region.

Stamp duty and registration charges in Noida

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Stamp duty rates and registration charges in Greater Noida

Similar to what is levied on properties in Noida, the UP government levies stamp duty and registration charges on all properties located in Greater Noida, as well. Below mentioned are the rates:

Stamp duty and registration charges in Greater Noida

Note here that the registration fee in Noida and Greater Noida was Rs 10,000 for properties worth up to Rs 10 lakhs and Rs 20,000 for properties worth between Rs 11 lakhs and Rs 20 lakhs. The state government standardised the rates, in 2020, to 1% across ticket sizes.

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Also note that if a property in these cities is being registered at a value higher than its circle rate value, the registration charge would be 1% of the transaction value. The same is true of stamp duty, as well.

This means, if a property is worth only Rs 50 lakhs based on its government-defined circle rate value but you are buying it for Rs 60 lakhs, then, you will have to pay 7% of Rs 60 lakhs as stamp duty and 1% of this amount as the registration charge.

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Stamp duty for women in Noida, Greater Noida

While most states provide women significant benefits through lower stamp duty rates, the UP government provides them a standard deduction of Rs 10,000 on the total stamp duty charged. So, if the total stamp duty liability of a woman stands at, say, Rs 1 lakh, she can get the property registered in Noida and Greater Noida at Rs 90,000.

Check out properties for sale in Greater Noida

Stamp duty payment in Noida, Greater Noida

1. Once the sale deed is prepared, visit the igrsup.gov.in website of the Stamps and Registration department of the Uttar Pradesh government.
2. Click on the tab ‘आवेदन करे.’(apply) and register as a user on the website.
   Enter the personal details of the buyer, the seller and the two witnesses.
3. Enter the property details in the form.
4. Based on this information, the website will calculate your stamp duty payment liability in Noida, Greater Noida. Save this information.
5. Now, visit the counter of CRA in Registration office or CRA branch office or authorized collection centres (ACC) and fill up the Uttar Pradesh e-Stamp Certificate application form. Fill in all details in the form and make stamp duty payment by cash, cheque, demand draft, pay order, RTGS, NEFT or account to account transfer.
6. After the stamp duty is paid, the Uttar Pradesh e-Stamp Certificate will be generated.
7. Now, visit the sub-registrar’s office with the Uttar Pradesh e-Stamping Certificate along with the deed.

Need for stamp duty cut in Noida, Greater Noida

Noida and Greater Noida’s housing markets are two of the most affordable housing destinations in the National Capital Region (NCR). Data available with ecis2016.org show that the average rate of new property in these markets stood at Rs 3,922 per sq ft in 2021, after undergoing a slight value depreciation due to the impact of the Coronavirus pandemic on India’s real estate sector. However, buyers in Noida and Greater Noida have to pay a higher stamp duty, when compared to buyers in neighbouring Delhi.

In spite of several directives from the central government to reduce the stamp duty and registration charges in Noida and Greater Noida after the Coronavirus pandemic, the Uttar Pradesh (UP) government has not yet taken a decision on any such reduction so far.

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Noida stamp duty latest news update

Flat registration, stamp duty calculation must be done on carpet area basis: Noida Authority

Home buyers have welcomed the move by the Authority, saying it would lower their stamp duty burden.

The registration of flats in Noida will only be done, based on the carpet area, instead of super built-up area, the Noida Authority has said. The directive by the Noida Authority comes as a relief to home buyers in Noida, who have been complaining that builders often use the super built-up area to price houses and calculate stamp duty at the time of property registration. This significantly increases the cost of home purchase for the buyer.

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It begs mention here that stamp duty is calculated, based on the size of the property. The size of a flat would always be bigger when it is expressed in super built-up area terms. The size of the flat would be smaller when expressed in carpet areas terms.

This basically means that buyers have to bear higher stamp duty and registration charges at the time of flat registration, if the area of their unit is calculated as per the super built-up area. If the stamp duty is calculated based on the super built-up area of the flat, the stamp duty could be higher in the range of Rs 1 lakh to Rs 3 lakhs for a flat priced up to Rs 50 lakhs.

Also recall here that the real estate law (RERA) has mandated that builders sell flats by expressing its size in carpet areas terms and not in built-up area or super built-up areas terms.

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Carpet area versus super built-up area

Recall here that the carpet area is the area in your flat where you can lay a carpet while the super built-up area of the flat includes common areas which are not exclusively allocated to the buyer.

According to the UP RERA, the carpet area is the net usable floor area in your flat, and does not include the area covered by external walls, service shafts, balconies, verandahs and open terraces.

“According to the RERA, developers should sell a unit on the basis of carpet area and not on the super area. The developer should make an agreement with a buyer based on the carpet area; if he does the registry of a flat on the super area, it is against the law. Be it agreement, sale or registry, if it is not determined by the carpet area, then it is illegal. Since Noida authority is a party in the sub-lease deed process, its circular (on registration of flats) will benefit customers. It was much needed to put an end to all confusions,” says UP RERA chairman Rajive Kumar.

“Super built-up area is the big number, which developers prefer to market their projects with. It is the number they arrive at, by adding common areas with built-up areas. Super built-up area is also known as the saleable area, because it becomes a yardstick for developers to quote their buyers,” says Vijay Verma, CEO, Sunworld Group.

To know more about this, read out guide What is Carpet Area, Built-Up Area and Super Built-Up Area?

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Source: https://ecis2016.org
Category: Lifestyle