Good News! Noida Authority Halved the Charges on Secondary Property to 2.5% from 5%
Just a day after the minutes of its 203rd board meeting held on September 24, 2021, the Noida Authority, on Friday, issued an order reducing the property transfer charges from 5% to 2.5%. The order was approved by the state government.
The news brought a big sigh of relief to lakhs of residents willing to buy properties in the secondary market in Noida. If you are one of them, then congratulations! You will have to pay only 50% of the transfer charges.
The authority halved the transfer charges or TM (Transfer of Memorandum) fee to 2.5% from 5% on both plots as well as flats. Moreover, the authority also levied a transfer fee during the registration of a flat or plot on resale.
The authority stated that the new charges will only apply to the properties allotted after 2011.
The transfer fees for other segments such as industrial, commercial, and institutional- have also been updated.
The department of infrastructure and industrial development of the UP government ordered the three industrial development authorities in Greater Noida and Noida to standardize their policies.
However, the GNIDA (Greater Noida Industrial Development Authority) has already cut off the rates in June. Residents of the city are highly elated at the decision taken by the authority.
Experts’ Opinion on the Transfer Charge Reduction
Sanjeev Mittal, Chairman at Noida Authority and who presided over the meeting, stated-
“The revision of transfer charges is an extremely significant development for residents. Various residents’ associations and groups had raised demand and asked the authority to reduce the transfer charges.”
On the other hand, the President at Noida Federation of Apartment Owners Associations, Rajiva Singh said-
“The UP government has taken a great welcome initiative for the hundreds of homebuyers. They are highly elated by this decision. The next step will consist of clearing the entire blockage of over 50,000 pending registries to ensure homebuyers are also able to avail of the benefits of the reduced charges.”
While Rakesh Kamar Srivastava, Deputy inspector general of stamps and registration department expression his views on the recent charge breakdown said-
“The decision of the Noida Authority has been taken at an opportune time. It will promote the sentiments in the property market before the festival season.”
In a Nutshell
The Noida Authority’s decision to bring down the property transfer charges in the secondary market offered a big relief to the lakhs of residents. The decision is more likely to encourage the citizen of Delhi suburbs to buy plots and flats in Noida without worrying about paying high transfer rates.