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Dear ck.kislay,
You are subscribed to the thread "Noida City Real Estate Updates" by Cookie, there have been 1 post(s) to this thread, the last poster was MANOJa.
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https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/47500-noida-city-real-estate-updates
Posted by: MANOJa
On: September 30 2018 01:40 PM
[h=1]Only 250 register rent deeds, Noida�s special drive flops[/h] [URL="https://timesofindia.indiatimes.com/toireporter/author-Meenakshi-Sinha-19258.cms"]Meenakshi Sinha[/URL] | TNN | Sep 30, 2018, 03:30 IST [IMG]https://timesofindia.indiatimes.com/thumb/msid-66011153,imgsize-4977,width-400,resizemode-4/66011153.jpg[/IMG] NOIDA: The administration�s deadline to people living in rented houses in Noida to [URL="https://timesofindia.indiatimes.com/topic/register"]register[/URL] their lease agreements passed with just 250 signing up during the month-long drive, mirroring the confusion around the announcement. The 250 [URL="https://timesofindia.indiatimes.com/topic/rent"]rent[/URL] deeds registered included 61 from [URL="https://timesofindia.indiatimes.com/topic/Yamuna-Expressway"]Greater Noida[/URL], said ADM ([URL="https://timesofindia.indiatimes.com/topic/finance"]finance[/URL]) Keshav Kumar. The administration had initiated a month-long drive (September 1-30) directing registry of rent agreements by tenants, citing provisions of the Stamp and Registration Act, 1908. The diktat led to questions all-round as to why tenants, not landlords, were being asked to pay up. There have also been instances of tenants paying [URL="https://timesofindia.indiatimes.com/topic/stamp-duty"]stamp duty[/URL] and seeking an adjustment against rent but being rebuffed by landlords, making the administration�s move unpopular. Kumar, though, said the onus of stamp duty deficiency � be it on rent or sale/purchase of a house � is always on the second party. �Basically, whoever enjoys the property � be it the rentee (in case of property on rent) or the purchaser (in case of sale of property), the person who has taken possession either by rent agreement or sale deed �has to pay the stamp duty,� he said. Rent agreements are drawn up on a Rs 100 stamp paper, but the administration maintains 2% of annual rent must be paid as stamp duty. �For example, if someone takes a property at a monthly rent of Rs 10,000 which comes to Rs 1.20 lakh per annum, then stamp duty would be Rs 2,400,� Kumar said. In group housing societies, however, where a large section of Noida�s migrant population � who have arrived from different parts of the country with corporate jobs � rents are much higher, increasing the stamp duty liability. According to Stamp and Registration Act, 1908, registration of rent agreements of less than one year is optional. It is mandatory for those who have more than a one-year lease. The district administration had issued the directive earlier this month, asking people living in rented accommodations, flats, houses as well as those running commercial activities and businesses on leased land to get their rent agreements registered. This step was taken to meet the annual revenue target of Rs 2,523 crore for the year 2018-19, said Kumar, who said the registration process will continue at the revenue department�s offices from October 1. [url]https://timesofindia.indiatimes.com/city/noida/only-250-register-rent-deeds-noidas-special-drive-flops/articleshow/66011154.cms[/url]
With warm regards,
Team IREF
With warm regards,
Team IREF
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