Yogi Adityanath-led Uttar Pradesh government on Tuesday announced a major relief in property registration and tenancy agreements across the state. The most significant decision has been taken related to the division and registration of ancestral property.
The Cabinet approved a proposal under which ancestral property within a family can now be registered for just Rs 10,000, which includes Rs 5,000 as stamp duty and Rs 5,000 as registration fees.
The government has also provided substantial relief to tenants and landlords. Stamp duty and registration fees on tenancy (rent) agreements have been reduced by 90 per cent. This move is expected to encourage legal registration of rental agreements and reduce disputes.
In another major relief, the Cabinet decided that property gifted among blood relations will attract a nominal stamp duty of only Rs 5,000, irrespective of the value of the property. This decision will benefit families transferring property among close relatives.
As per the notification dated August 3, 2023, the government introduced a concessional stamp duty for the gifting of immovable property to family members, capping the amount at Rs 5,000. However, until recently, this benefit was restricted to agricultural and residential properties.
Under a proposal approved by the Yogi Cabinet, it has now been decided to extend this concession to commercial and industrial properties as well. This decision will make the process of property transfer within families simpler, transparent and more cost-effective.
During the meeting, a total of 14 proposals were presented before the Cabinet, out of which 13 proposals were approved.
The Cabinet also approved the construction of new stamp offices in Kushinagar and Jhansi to strengthen infrastructure and improve public services related to property registration.
Government clears SOP of Global Capacity Centre Policy
Besides, the Standard Operating Procedure (SOP) of the Global Capacity Centre Policy was cleared. Under this policy, 21 industrial companies are expected to start construction or operations in the current financial year, which will generate more than 10,000 direct and indirect employment opportunities for youth in the state.
In the education sector, the Cabinet took a strict decision by cancelling the recognition of JS University, Shikohabad, following an investigation into a fake marksheet case. The responsibility for verification and management of students’ degrees and certificates will now be handled by Dr Bhimrao Ambedkar University, Agra.
