In a chief relief for the residents, those are moving into the new flats after the redevelopment, the department of stamps and registration has ruled that they need not pay the stamp duty. The circular that is issued by Inspector General of Registration and Controller of Stamps says that the flat owners will save more over Rs 1 lakh.
The stamp duty is usually paid to the owner of the flat but in some of the cases, the developers take the responsibility of paying it. It completely depends on the agreement being signed between society and builder.
Redevelopment of a tenanted building involves demolition of tenanted premises of the old building, in lieu of grant of new premises in the new building. The new premises may be provided with ownership rights or may be given on tenancy.
Society or developer is now required to submit one Permanent Alternate Accommodation Agreement in the collector’s office for authentication.