Noida: Residents relieved as authority halved property transfer charge
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Noida: Residents relieved as authority halved property transfer charge

The Uttar Pradesh government had asked the authority to cut the charge

Noida: Residents relieved as authority halved property transfer charge

Noida: There is good news for the people who are thinking of buying flats and plots in resale in Noida. The Noida Authority has halved the property transfer charge. The decision was taken in a board meeting chaired by the authority's chairman Sanjiv Mittal.

Till now, there was a 5 per cent property transfer charge for buying a flat in resale with the registry for getting it transferred in your name from the Noida Authority. The same rate was on residential plots. The board has decided to make it 2.5 percent. The Uttar Pradesh government had asked the authority to cut the charge. This will benefit homebuyers.

However, it has been declared that industrial plots can be sold only after the start of the industry. The transfer charge of institutional plots has also been halved. The authority's board has also reduced the transfer charges for Economic Weaker Section (EWS).

Transfer charge will be 1 per cent for EWS

For EWS allotted from Noida Authority, the transfer charge will be only 1 per cent. In the allotted single unit, it will be reduced from 5 to 2.5 percent. For LIG, it will be 2.5 percent. The transfer charge for the flats built in Shramik Kunj, which are allotted by the authority will be only Rs 12,000. Till now, a 10 per cent transfer charge was levied for closed industrial units (non-functional).

Now there will be no non-functional industrial unit transfer. If anyone takes a plot of a closed industry, then it has to be started first. Its function certificate will have to be obtained from the Noida Authority. Only then can it be transferred.

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Cityspidey talked to several residents of Noida who had continuously requested authorities to decrease the property transfer charges.

Amit Gupta, a resident of Prateek Westeria, Sector 77, said, “As residents, we welcome the step taken by Noida Authority to reduce the transfer charges by half. Even for a 1,000 sqft flat, it will result in a saving of approximately Rs 2 lakh in case of sale i.e. approx 4.5-5 per cent for Rs 50 lakh. Now it's time to start the registry and reduce the 1 per cent registration charges to Rs 20,000 as it was earlier. We are quite hopeful that both Noida authority and UP government will help on this as well.”

Sanwarjeet Singh,  a resident of Gaur Sportswood in Sector 79, said, “We residents welcome the decision of reducing transfer charges on sale and purchase of group housing flats taken by Noida Authority in its board meeting held on Friday. This reduces the excessive financial burden of buyers while purchasing a property in resale. Further, our MLA Pankaj Singh earlier on many occasions assured us that this demand of reduction in transfer charges is genuine and he will direct Noida Authority officials to do reasonable curtailment in the rate of transfer charges to enable citizens to get home in  Noida at affordable rates. This will also help as a booster in the real estate market of Noida and help in building the economy of the entire UP as now more sell purchase transactions will take place”.

Vice President of NOFAA, Sachin Goyal said, “This is a big relief for all Noida residents as we have been raising this issue in every forum for a long time. Finally, our voice was heard by the Noida Authority. We met Noida MLA a few days back. He assured me that this will be taken care of in the coming board meeting. We are very much thankful to the MLA, Noida Authority and the UP government for such a good move in helping Noida residents. Charges were too high and they were almost 10 per cent of the total value of flat. Now we will get some relief.”