Developers seek reduction in circle rates, stamp duty waivers

Amid the COVID-19 taking its toll on real estate sales, the developers in Uttar Pradesh (UP) have requested the local authorities to reduce circle rates, power bills and various other charges, besides stamp duty waivers to help them tide over the crisis situation.

They have primarily asked for extension of 12 months for paying interest instalments with simultaneous postponement of lease rent and payments for land for a year as restarting construction activities will take time. The UP government in a meeting through a webinar session has assured the developers to consider the requests of the builders after they have an internal discussion on the issue.