Good news for people in Uttar Pradesh! The Yogi government has made it easier to transfer property (UP Property Transfer) to your family members.
Instead of paying a high amount, now you only need to pay Rs 5000 for registration fees when transferring property to your relatives.
This new rule was approved by the Legislative Assembly and is part of the Indian Stamp (Uttar Pradesh Amendment) Bill 2024.
During the Assembly session, Parliamentary Affairs Minister Suresh Khanna proposed the bill, which was then passed with the majority of votes.
This move aims to prevent fraud that was happening through the misuse of power of attorney in property transactions.
Previously, people were buying and selling land using power of attorney, causing the government to lose revenue.
Now, property can only be transferred to blood relatives at the reduced fee of Rs 5000, while others will have to pay 7 percent stamp duty based on the circle rate.
Furthermore, the Assembly also introduced the ‘Uttar Pradesh Lift and Escalator’ Bill, 2024.
This bill mandates registration for installing new lifts and escalators in multi-storey buildings across the state.
Urban Development and Energy Minister Arvind Kumar Sharma introduced this bill in the Assembly to ensure safety and regulation in building amenities.
