UP: Since physical non-judicial stamp documents would no longer be valid after March 31, Noida homebuyers may encounter difficulties. Concerns have been voiced by homebuyers, many of whom bought the paperwork years ago at the request of builders in order to register their apartments. The purchasers felt that the allotted 15 days to return the documents was insufficient since they were unable to get these documents—many of which had values exceeding Rs 2 lakh—in time.
UP decided to reimburse the money for stamp papers with denominations ranging from Rs 10,000 to Rs 25,000 in its March 11 announcement, after deducting a 10% fee till the deadline.
According to the Times of India, a group of homebuyers from Apex Golf Avenue in Greater Noida West met with ADM (finance and revenue) Atul Kumar on Friday. They want the government to repay the whole amount or allow them to continue using the stamp papers beyond March 31.
In 2019, homebuyers in my community paid between Rs 2.5 and Rs 3 lakh for stamp duty documents, which they then gave to the builder. Nearly all of the 730 apartments purchased stamp sheets. According to Rohit Mishra, a resident of Apex Golf, “about 50% chose e-stamps, but the rest of us will be impacted by the new,” as reported by TOI.
Approximately 7,000 apartments in 34 complexes that choose to use UP’s relief package have not yet been registered as of December 2024. Apex Golf has 730 apartments, none of which are registered.
Abhishek Kumar, head of the New Era Flat Owners Welfare Association (NEFOWA), said that the government’s new rule might have an impact on stamp paper valued at over Rs 100 crore. “With at least 50,000 impacted homeowners, the total money blocked is Rs 100 crore if an average buyer bought stamp papers worth Rs 2 lakh. It may possibly be higher. According to the article, he said, “These stamp papers will lose all of their value if we don’t return them within 10 days.”
About 6% to 7% of the entire cost of an apartment goes for stamp duty. There is a processing fee of an extra 1% of the total cost.
