Rented Properties Agreement
Img : indiaproperty

The Gautam Budh Nagar administration launched a month long-drive to get the rented properties registered within a month’s time. This launch will cover all rented properties for which the owners went into a rent agreement of more than one year i.e. 12 months.

According to an administration official, any owner failing to register his/her property within the set time limit will face FIR complaint. The official also said that this process has been initiated to achieve the annual revenue target of Rs 2,523 crore.

The stamp duty of 5% is charged by the Government on property sale whereas only 2% stamp duty is levied on the rented properties. Keshav Kumar, the Additional District Magistrate [finance] Gautam Budh Nagar, stated that all commercial properties including paying guest accommodations, hotels and malls are required to get registered with the Noida authority in next 30 days.

ADM further said that this month-long drive will be checked for proper implementation of the registration process and the officials of registry department are scheduled to visit flats and commercial complexes till September 30. He also said that strict action will be taken against tenants occupying a rented accommodation without registration.

S K Singh, the assistant commissioner of stamps and registry department Gautam Budh Nagar informed that stringent actions will be taken against the offenders under the Indian Stamp Act.

According to SK Singh, the tenants with a rent agreement of 11-months stand out of this registration criteria although they are required to pay the necessary stamp duty. He also said that the tenants with an 11-month rent agreement are required to show papers during the officials visit to their place and the tenants without valid stamp papers will face stringent actions.

In this entire process of registration, the tenant is held responsible for getting the property registered and thus the Noida authority is checking for a total number of properties that are rented in both Noida and Greater Noida. Earlier, the authority gave a rebate on unchanged circle rates to boost sale and purchase of properties in the city.