Yamuna Expressway Industrial Development Authority (YEIDA) has taken an important decision for new group housing projects. Now builder-buyer agreements will be considered valid only when stamp duty is paid.
This decision was taken in the board meeting of YEIDA on Thursday. This decision will be applicable to all new residential projects in Yamuna City. Now, under the new procedure, buyers will have to pay 10% stamp duty of the property cost at the sub-registrar office at the time of booking the flat.
Earlier, it was also provided under the rules of Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) that it is mandatory for buyers to have valid proof of flat registration and stamp duty. The aim of this step is to protect home buyers from arbitrariness and potential disputes by builders.
The agreement will be legally strong.
YEIDA CEO Arun Veer Singh said that after the implementation of this rule, buyers will have to pay stamp duty at the time of booking the flat. This will ensure that the builder-buyer agreement is legally strong and buyers do not face any inconvenience in future. Although this will increase the initial investment a little, it will protect the interests of the buyers and protect them from any arbitrary changes being made by the builders.
The government will not lose revenue
The purpose of this rule is not only to protect the interests of buyers but also to reduce the revenue loss to the government. Often properties were sold to multiple buyers without a registered agreement, leading to long-term legal disputes. This step will curb such activities. Chief Secretary Manoj Kumar Singh, who is also the Industrial Development Commissioner, had earlier this month directed Noida, Greater Noida and Yamuna Authority to register all property agreements so that the government can avoid revenue loss due to unregistered agreements.
Buyers’ security will increase
Now, under the new process, buyers will have to pay 10% stamp duty of the property cost at the sub-registrar office at the time of booking the flat. This will provide legal protection to buyers through a registered agreement, which will help them avoid any kind of fraud.
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