Great News for Women Property Buyers in Uttar Pradesh! 1% Relief on the Stamp Duty

The Uttar Pradesh cabinet has revised the cap on properties that are eligible for a rebate from the earlier INR 10 lakh. Now, women property purchasers buying a property worth up to INR 1 crore are eligible for 1% relief on stamp duty.

Stamp duty is a type of mandatory tax levied by the government that applies to property transactions. It amounts to about 6 to 7% of the property’s total cost. When buying properties in areas like Ghaziabad and Noida, purchasers normally have to pay a stamp duty of 6-7% alongside an extra 1% as the registration processing fee. However, with the latest revision, which is in effect from July 29th, women property buyers can save up to INR 1 lakh when registering a new property.

An official informed that almost 30% of all properties registered in Noida every month are owned by women. IN FY 23-24, around 60,000 of the total 1.5 lakh properties registered were owned by women. In FY 24-25, the number was more than 73,000 out of the total 1.8 lakh registered properties.

Real estate experts have mentioned that this incentive will encourage more women to get involved in property ownership/investment and benefit the mid-segment real estate market.

Source: indiatimes.com