Here is why flats in Noida will soon get costlier- Business News
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Here is why flats in Noida will soon get costlier

Home buyers are already dealing with delayed registration owing to a two-year long legal battle over demarcation of eco-sensitive zone around the Okhla Bird Sanctuary.

  • New Delhi,  February 24, 2016  
  • |  
  • UPDATED   17:09 IST
Here is why flats in Noida will soon get costlier
Home buyers are already dealing with delayed registration owing to a two-year long legal battle over demarcation of eco-sensitive zone around the Okhla Bird Sanctuary. (Photo: Reuters)

The residential flats in Noida will now get costlier with the registration fee to be hiked by 2 per cent to bring it at par with that applicable in the rest of the state.

The Uttar Pradesh stamps and registration department is set to increase the registration fee in Noida from the current 5 per cent to 7 per cent, according to a report published in The Times of India.

If the proposal comes through, it will be a double whammy for the home buyers in the city, who are already dealing with delayed registration owing to a two-year long legal battle over demarcation of eco-sensitive zone around the Okhla Bird Sanctuary (OBS). Due to the long stay over construction, the completion of flats has been delayed.

The state government registration department had earlier agreed to charge registration fee at previous rates in cases where flats were delayed because of the legal battle. But the latest report says that the registry rates are all set for a hike as the proposal has already been placed before the state government and state industry department.

In other UP districts the registry fee stands at 7 per cent with Rs 10,000 rebate if the property is in the name of a woman owner.

The construction of flats around OBS had been halted after an environmentalist filed a complaint with the National Green Tribunal in July, 2013. Only after the Centre notified the demarcation of the eco-sensitive zone on August 19 last year, the construction resumed. Out of the 16,710 flats of 26 developers in Noida having received the completion certificates, only 810 flats have been registered till date, the report said.