Noida: Beware! If you have ventured out to buy property, you may get trapped by property dealers who promise to get your property registered at the allocation rate by the Authority. Presently, exemption is only applicable on property allocated by the Authority but no such exemption shall be applicable on the resale of property.
The administration had issued notification on November 16 that exemption shall be applicable on property allocated from the Authority which can be registered at allocation rate. The opportunity gave a number of allottees a chance to get their property registered which had not been registered for years.
“Dealers have been offering such exemption in order to trap buyers,” says SN Roy, AIG (Stamp).
There are 40,000 properties in all the three Authorities which remain unregistered. Most of the properties could not be registered as no possession could be acquired from the Authority. In order to register such properties, the administration decided to offer exemption and it can be registered at the current circle rate.
Many of the property dealers are luring customers into buying property by offering this exemption.