New Rule: Stamp duty will have to be paid at the time of booking the flat, home buyers will benefit from the new rule..

Yamuna Expressway Industrial Development Authority (YEIDA) has made 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 apply to all new residential projects in Yamuna City. Now, under the new procedure, buyers will have to pay a 10% stamp duty on the cost of the property at the sub-registrar office at the time of booking the flat.

Earlier, under the rules of Uttar Pradesh Real Estate Regulatory Authority (UP-Rera), it was also provided that buyers must have valid proof of flat registration and stamp duty. The move is aimed at protecting 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 flat booking. This will ensure that the builder-buyer agreement is legally strong and buyers do not face any inconvenience in the future. Although this will increase the initial investment slightly, it will protect the interests of 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 many buyers without a registered agreement, leading to long-term legal disputes. This move 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 be saved from revenue loss due to unregistered agreements.

Buyers' security will increase.
Now, under the new process, buyers will have to pay a 10% stamp duty on the cost of the property at the sub-registrar office at the time of booking the flat. This will give legal protection to the buyers through a registered agreement, which will help them avoid any kind of fraud.