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New Delhi: Property prices are skyrocketing in cities like Lucknow, Noida and Ghaziabad. Meanwhile, the UP government has announced a huge discount in stamp duty for those buying property in the name of women.
The new rule of the UP government has also come into effect from July 29. This means that now if you buy property in the name of your mother or wife, you will directly save Rs 1 lakh. Not only this, the UP government has also increased the price of the property coming under this discount by 10 times.
Earlier in UP, women were given a 1 percent discount on stamp duty only on purchasing property up to Rs 10 lakh. In this sense, earlier the discount figure was limited to only Rs 10 thousand. However, the government led by Chief Minister Yogi Adityanath has decided in the cabinet that now a direct discount of 1 percent on stamp duty will be given on purchasing property up to Rs 1 crore in the name of women. That is, now the discount amount has become Rs 1 lakh.
In cities like Noida and Ghaziabad, currently 6 to 7 percent of the total cost is spent as stamp duty. In addition, 1 percent has to be paid as processing fee for registration. However, after the revised limit from July 29, women will be given a 1 percent discount on this. In Noida, 30 percent of the total registrations done every month are done in the name of women only. Out of the 1.8 lakh property registrations done in Noida city in the financial year 2024-25, 73 thousand have been done in the name of women. Earlier in the financial year 2023-24, a total of 1.5 lakh registrations were done, out of which 60 thousand were in the name of women.
Which part will benefit the most?
Real estate experts say that the UP government’s exemption will benefit first-time home buyers the most. This will benefit middle-class buyers, who will buy property in the name of their wife or mother. The decision is also aimed at making women empowerment effective. This decision will also help in increasing the role of women in property purchase. Not only this, this move will also increase the trend of buying joint property, in which women will get joint ownership rights.
How much discount is there on BHK flats?
Now the price of 3 BHK flats in Noida has crossed the mark of Rs 1 crore. Talking about Greater Noida, there are about 30 thousand flats here which are priced between Rs 60 to 70 lakhs and are still waiting for registration. Therefore, women will get a discount of Rs 60 to 70 thousand in the registration of such flats. However, now the price of most of the flats has reached more than Rs 1 crore.
What is the demand of buyers?
Home buyers say that when the price of most flats has gone beyond Rs 1 crore, this limit is no longer enough. The UP government should increase it to Rs 2 crore. In Delhi, women have to pay only 4 percent as stamp duty, while for men it is 6 percent. However, in Ghaziabad, the stamp department is currently conducting a survey after revising the circle rate.
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