If you live in Uttar Pradesh and are going to buy a house, then there is bad news for you. Actually, the UP government has made changes in the rules regarding stamp duty and registration charges. This change will have a direct impact on the pockets of home buyers. Let us give you complete information about this new rule. Along with this, we also tell you how it will affect the pockets of homeowners.
What changes have taken place in the rules
Actually, Uttar Pradesh Under the new rules made by the government to bring transparency in the real estate sector, homebuyers will have to pay 6 percent stamp duty and 1 percent registration charge immediately after paying 10 percent of the total price of the house. Apart from this, if your deal gets canceled under any circumstances, then there is no clarity on whether you will get the stamp duty or registration charge back or not.
What used to happen earlier
Before this rule, when a buyer bought a house, he had to pay only 10 percent of the total price of the house before the completion of the project. Whereas, 6 percent stamp duty and 1 percent registration charge had to be paid when the project was completely ready. But, it is not so now. Under the new rule of the government, 10 percent of the total price of the flat will have to be paid, but after this the builder-buyer agreement will also have to be registered. This has now been made mandatory.
Property has become expensive in Gurugram also
Let us tell you, property rates are going to increase in Gurugram from December 1. . Actually, from December 1, changes will be seen in the valuation rates of commercial, agricultural and residential properties in Gurugram. Final approval for this has been received from the State Government and Revenue Department. These changes will be applicable till March 31.
Now the people of Gurugram will obviously have to spend more money for investment in land, house and shop. Information regarding implementation of these new rates has been released by the Deputy Collector. Haryana Government had announced the increase in Collector Circle Rate here a few days ago and only after this it was estimated that the property in Gurugram would become expensive.
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