Uttar Pradesh to eliminate physical stamp papers soon

Noida: The Uttar Pradesh government is phasing out physical non-judicial stamp papers. After March 31, these papers will no longer be valid. Homebuyers in Noida who bought these papers years ago are worried. They need to register their flats but say the time to return the papers is too short. Many buyers purchased stamp papers at the request of builders, often spending more than Rs 2 lakh each. A notification on March 11 stated that buyers can get a refund for stamp papers worth between Rs 10,000 and Rs 25,000, minus a 10% fee. However, many are struggling to return their papers in the 15-day timeframe. At a meeting with finance official Atul Kumar, buyers from Apex Golf Avenue expressed their concerns. Rohit Mishra, a resident there, explained that many of them purchased stamp papers in 2019 and have not yet registered their flats. Approximately 50% of owners chose e-stamps, but the others will face issues because of the new rule. In another area, Skytech Matrott, residents reported that many flat owners have also bought expensive stamp papers but do not have copies. The New Era Flat Owners Welfare Association estimates that over Rs 100 crore could be affected by this decision. Stamp duty typically ranges from 6% to 7% of a flat's total cost, with an additional processing fee of 1%. Homebuyers are considering challenging the government's plan in court. An official stated that the order aligns with recent amendments to the Stamp and Registration rules. While papers bought before the notification remain valid until March 31, the future of many buyers hangs in the balance.