Nagpur: The Ministry of Housing and Urban Development has approved the proposal to increase the stamp duty by 1% in the Metro Rail corridor. Duty now will be 7.5% instead of 6.5%. The registration charge of 1% (maximum 30,000 rupees) will remain unchanged. The stamp duty on the city, except the area under the Metro corridor, will remain at 6.5%. The corridor is the area that is 500 meters on both sides of the Metro road.
While the stamp duty was increased, the proposal to increase the floor to space index (FSI) in the Metro corridor is still under consideration. The government is also thinking of increasing the development charges imposed while sanctioning a building in the corridor.
The decision to increase the stamp duty is very important for Nagpur Metro Rail Corporation Limited (NMRCL) since it will get half the revenue generated by a 1% surcharge charge. The remaining 50% will go to Nagpur Municipal Corporation (NMC) or Nagpur Improvement Trust (NIT) depending on the ownership of the property.
According to the builders, the draft of the FSI walk proposal needs many changes. The Metro corridor where the highest FSI is applicable should be 1 km on both sides of the Metro road. There should be no limit on the size of the dwelling and the density of tenements. Balconies should be allowed in the marginal space around the buildings and the premium for the additional FSI should be less than 40% of the immediate registration value.
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