Yogi government approves major relief on stamp and registration charges
UP rent agreement
A new scheme regarding rent agreements has been passed in Uttar Pradesh.
The new scheme is meant to lessen stamp and registration fees.
The state cabinet passed the bill during the term of Yogi Adityanath.
The new scheme will take the place of the circle rate formula for fee.
The details regarding the new scheme were given by the Stamp and Registration Minister.
Before the new scheme, the tenants had to pay four times the property circle rate.
After that, four percent was charged on that calculation.
This scheme made many rental agreements quite expensive.
For instance, the rental of Rs 2 lakh per year would cost huge.
As per the previous scheme, the stamp duty could go up to Rs 32,000.
The new scheme will drastically bring down the financial burden.
Now, the same scheme will only cost Rs 1,000.
The goal is to make the entire rental process easy in the state of Uttar Pradesh.
In addition, it will enhance transparency within the rental agreements.
This would ensure that there are fewer disputes between the landlord and tenant.
The finance minister of the state, Suresh Kumar Khanna, has confirmed the implementation process.
This system will come into effect once there is notification from the government.
This notification will enforce the new rules in the entire state of Uttar Pradesh.
This decision will help both residential and commercial tenants in the state.
