CUTTING IN STAMP DUTY WILL LEAD TO CUTTING IN COST OF PROPERTY

 

Stamp dutyCutting Stamp Duty shall lead to the reduction in the cost of registration of property sale deed or Agreement to sale. The stamp duty cost plays an important role in the cost of property /Flat / Apartments. Usually, every purchaser has to pay stamp duty at the time of registration of sale deed or Agreement to the sale and then the only property is registered or transferred in the name of Allotted or Buyer and the buyer can get the peaceful possession of that property or Flat. National Housing Bank CEO Mr. Sriram Kalayanaraman has assured about their goal and specified their goal is to create a one-stop shop on housing and housing finance related issues for all stakeholders and customers. The MD & CEO also added that the state and center have to sit together & they will afterward decide over the cutting stamp duty. The NHB’s another target is to make gold standards for housing, housing prices in the industry. The NHB also want to provide an early warn system for the house buyer and housing finance company so that the stress can be traced easily and the risk of the future buyer or the housing finance companies can be minimized. The buyers of houses, today are not feeling safe and not assured about the cost of the apartment authenticity and even delivery status of the apartments sure. The cost of the apartment is decided after keeping the land cost component and endorsement charges specifically charged by the authorities and the great importance of construction cost. Construction cost varies as per standards and specification decided by the builder. The another importance regarding finalization of the cost of an apartment is of achieved area or carpet area. As the carpet area is after all the area which is going to be utilized by the user of the apartment. Sometimes the super area is on a much higher side and the cost per square feet is on a lower side. The impression in the mind of buyer lies that the cost per square feet is low. As we are aware of the usage which a buyer needs to utilize, the buyer should adhere to those usages & try to find a property according to the utilizable area not according to the pocket size and super area of the apartment. Sometimes buyer says when we have short of funds how we can go for a greater area. Then again location plays an important role & the buyer can finalize the better achievable area and better prices in wholesome amount and can finally decide about the property / Flat.
The buyer as per their need of location, a specification of the apartment and obviously the utilizable all area should finalize the apartment and then the cost of stamp duty shall be the final payment to be paid by the buyer.
The buyer has to calculate all these costs then only the buyer can reach overall impact of cost on his pocket. The step of NHB for emphasis on reduction of cost of stamp duty shall in all circumstances reduce the cost of the landing of land in the pocket of the builder and finally, the stamp duty paid by the flat buyer shall also be reduced. The double all impact of their reduction shall provide smart gains to the investors in the real estate sector or the respective allottees of an apartment.

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