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Builders in Uttar Pradesh ask state government to reduce circle rates, waive stamp duties

Lease rent should be deferred for a year and extension for 12 months should be given for paying interest installments as restarting construction activities may take time, the realtors said

Representative image

Representative image

To tide over the COVID-19 crisis and the subsequent dip in sales, developers in Uttar Pradesh have asked the state government to reduce circle rates, waive stamp duties and reduce various charges, including power bills levied by the local authorities.

“Payments for land, lease rent should be deferred for a year and extension for 12 months should be given for paying interest installments as restarting construction activities may take time,” RK Arora, chairman, Supertech and president Naredco, UP said at a webinar organized by Naredco (UP chapter).

Satish Mahana, cabinet minister, department of infrastructure and industrial development, Government of Uttar Pradesh and Alok Tandon, Infrastructure and industrial development commissioner, Government of Uttar Pradesh attended the webinar.

‘Every sector has been impacted by coronavirus and there are bound to be challenges going forward. To facilitate revival of the sector, we will consider the timeframe for which the zero period should be implemented. We will also consider the request for extension of project timelines. We will discuss and respond,” Mahana told the realtors.

On the issue of realtors having to pay fixed rates for power consumption, the minister said that he has held discussions with the ministry of power but “a decision is yet to be taken by the power ministry for complete waiver.”

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The developers have also asked for a reduction in sector rates. In some areas sector rates are high and in some the market rate is higher.

Naredco UP has called for reduction in interest rates. “The interest rate should be equal to MCLR plus 1 percent,” Arora said.
Vandana Ramnani
first published: Apr 29, 2020 09:37 pm

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