Update: As of 10th August, 2015, further changes to 7th August notification has been made. The 10th August notification has modified the floor wise discount logic further with discount now starting from 4th floor instead of 6th.
Dear Readers, while circle rates for other categories have increased this year, circle rate for group housing category has fortunately not increased (please find circle rates for noida at http://go4reviews.in/2014/11/group-housing-circle-rate-in-different-sectors-of-noida/ and greater noida at http://go4reviews.in/2014/12/circle-rates-for-greater-noida-group-housing-society/).
However, stamp duty on registration for group housing society could see a substantial change.
We see how it could impact the stamp duty calculation
The two main changes are:
1) For Noida, Cap on surcharge on amenities reduced from 25% to 15%. i.e. you only pay maximum of 15% over stamp duty instead of 25% that you were charged previously. That’s a considerable benefit. For Greater Noida, the surcharge cap has been reduced from 12% to 10%.
2) Floor wise relief logic changed. Now floor wise relief to start from 4th floor (updated to 4th floor on 10th August, 2015 from previous 8th August’s notification for 6th floor) and onwards at 2% per each floor. For Noida, this is a loss for floors from 3rd to 12th. For Greater Noida, this will be a slight loss for 1st floor to 9th floor.
Based on the news, we also have the modified stamp duty calculation below for you:
- There is 10k discount for women only allottee
- All other discounts like floor discount are already considered as part of calculations above.
Further to above stamp duty, an allottee has to pay the following at the time of registration:
- Registry charges of around 22k
- (Not essential) Lawyer charges of around 10k to 25k depending upon whether you are going through self appointed lawyer or builder appointed lawyer (not essential if you are doing the registry yourselves. see steps for registry here).
Check how much you will save or lose by comparing against the existing stamp duty calculation methodology.
Comments/Feedback invited.Last updated: April 11, 2016 at 13:42 pm