UP extends Property Transfer Scheme to relatives at nominal cost
Real Estate

UP extends Property Transfer Scheme to relatives at nominal cost

In a significant development, the Uttar Pradesh state cabinet has decided to extend the scheme that allows the transfer of property to blood relatives for a mere Rs 5,000 registration fee, with no specified end date. Originally introduced in June 2022 for a limited six-month period, the scheme's overwhelming popularity among the public has prompted the government to make it a permanent offering.

According to a report, Finance Minister Suresh Khanna stated that the scheme's success and widespread utilisation were the main reasons behind its revival. Under the extended scheme, property transfer to immediate family members, including sons, daughters, fathers, mothers, husbands, wives, daughters-in-law, real brothers, sisters, sons-in-law, and grandchildren, can be done with a nominal registration cost of Rs 5,000 along with an additional processing fee of Rs 1,000.

Previously, transferring property within the state incurred a substantial stamp duty registration fee of 7 per cent based on the property's value. This posed significant challenges for property owners who wanted to transfer their property to close relatives, often leading to difficult choices between transferring and selling it. Even in cases of pre-death transfers where no monetary exchange occurred and the occupants remained the same, exorbitant stamp duty rates were applied, discouraging property division or ownership settlements before death. The new regulation aims to address these issues, as explained by Ravindra Jaiswal, the Minister for Stamp and Registration.

The extension of this initiative is expected to simplify property transfers and ownership settlements among living individuals, eliminating unnecessary familial tensions that could arise over wills. Additionally, it seeks to reduce the need for families to resort to "power of attorney" strategies for property transfers, given the high costs associated with conventional registration methods. The state government's move is seen as a proactive step towards promoting smoother property transfers and facilitating better intra-family arrangements for property ownership.

In a significant development, the Uttar Pradesh state cabinet has decided to extend the scheme that allows the transfer of property to blood relatives for a mere Rs 5,000 registration fee, with no specified end date. Originally introduced in June 2022 for a limited six-month period, the scheme's overwhelming popularity among the public has prompted the government to make it a permanent offering. According to a report, Finance Minister Suresh Khanna stated that the scheme's success and widespread utilisation were the main reasons behind its revival. Under the extended scheme, property transfer to immediate family members, including sons, daughters, fathers, mothers, husbands, wives, daughters-in-law, real brothers, sisters, sons-in-law, and grandchildren, can be done with a nominal registration cost of Rs 5,000 along with an additional processing fee of Rs 1,000. Previously, transferring property within the state incurred a substantial stamp duty registration fee of 7 per cent based on the property's value. This posed significant challenges for property owners who wanted to transfer their property to close relatives, often leading to difficult choices between transferring and selling it. Even in cases of pre-death transfers where no monetary exchange occurred and the occupants remained the same, exorbitant stamp duty rates were applied, discouraging property division or ownership settlements before death. The new regulation aims to address these issues, as explained by Ravindra Jaiswal, the Minister for Stamp and Registration. The extension of this initiative is expected to simplify property transfers and ownership settlements among living individuals, eliminating unnecessary familial tensions that could arise over wills. Additionally, it seeks to reduce the need for families to resort to power of attorney strategies for property transfers, given the high costs associated with conventional registration methods. The state government's move is seen as a proactive step towards promoting smoother property transfers and facilitating better intra-family arrangements for property ownership.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code