The district administration of Gautam Budh Nagar has launched a month-long drive to register rented properties with an agreement for more than a year. This step is expected to mop up the revenue to meet the annual target of Rs 2,523 cr. Failure to register the rented property could lead to FIRs by the district magistrate, said officials from the administration.
The government charges 5% stamp duty on sale and purchase of a property while 2% stamp duty is levied on rented properties. Keshav Kumar, ADM (finance) Gautam Budh Nagar, said that the drive aims to push for registration of all kinds of properties, including paying guest accommodations, hotels, malls, etc.
“The officials will conduct a one month drive to ensure its enforcement. The registry department officials will visit flats and commercial complexes till September 30. The administration will start taking actions against people occupying a rented accommodation without registry,” he said. S K Singh, assistant commissioner of stamps and registry department Gautam Budh Nagar said that actions will be taken against the offenders under Indian Stamp Act.
“The stamp and registration department does not have power of prosecution. We can only serve notices to the tenants. The district administration will initiate action like registering of an FIR,” he said.
Tenants who have a rent agreement of 11 months don’t need to register, but they still have to pay the stamp duty. “These tenants need to show the
papers once the inspection is conducted. People not having valid stamp papers will face actions,” Singh said.
The onus of registration is on the tenant. The officials are trying to find out the total number of properties rented out in Noida and Greater Noida.
In August, the district magistrate introduced rebates in circle rates in different segments to boost sale and purchase of properties.