1% stamp duty hiked in Nagpur Metro Rail corridor

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Proposal of hike in 1% stamp duty in Metro Rail Corridor has been cleared by urban development. The corridor is specified as the area lying On both side of Metro track. Now the stamp duty will be 7.5% rather than 6.5%. The registration charge will be remain unchanged. Expect Metro corridor area the stamp duty in the city will be remain same 6.5%.
While the stamp duty has been boost the idea to increase FSI ( Floor to space index) in Metro Corridor is still under discussion. Lots of ideas and suggestions came for the plan but still under process. The government is expecting to increase development charge collected while approving a building in the corridor.
The proposal to hike stamp duty is important for NMRCL( Nagpur Metro Rail Corporation Limited) as it will receive half the credit developed by excise of 1% payment. Left 50% will go to NMC ( Nagpur Municipal Corporation) or NIT ( Nagpur Improvement Trust ) confide in whose land the property lies.
According to Developers, the abstract Floor to space index hike idea wish many innovation. ” The Metro corridor where huge FSI is relevant should be 1 km on both sides of track of Metro. There should be no restriction on boarding house size and boarding house density. Terrace should be let on in negligible space around the buildings and superior for extra Floor to space index should be less than 40% of accessible calculated value.” a developer told to TOI.

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