Greater Noida’s authority has lowered the real estate transfer fees charged for resale properties, making life easier for thousands of home buyers.
At a board meeting, the authority decided to reduce the transfer fee from 10% to 5% in institutional, commercial, and industrial categories. The allottees or buyers in Greater Noida must pay a transfer fee on the full resale value of the property along with the registration fee.
Dhiraj Jain, Director, Mahagun Group said, one of the decisions made at the meeting was to reduce transfer fees from 5% to 2.5% for residential areas, townhouses, shops / kiosks. The transfer fees are set at a maximum of one percent to 2.5 percent. This decision will definitely uplift the resale real estate market in different categories.
For group housing societies or companies, the government has limited transfer fees to 1%.
Yash Miglani, Managing Director, Migsun Group said, the board meeting of the Greater Noida Authority proved fruitful for the real estate industry. It is expected that many issues will be resolved. The decision made to reduce the transfer fees, which will increase the resale market. The sector needs constant support from the authorities, especially in the current challenging environment.