On Friday, the Noida Authority board reduced the transfer charges of properties. According to real estate experts it will be a huge relief for thousands of residents. Apartment buyers and owners of residential plots entering the secondary market now have to pay 2.5% instead of 5%. Similarly, transfer fees for commercial, industrial and institutional sectors have also changed.
The Uttar Pradesh Government’s Infrastructure and Industrial Development Department has asked the three industrial development authorities in Greater Noida and Noida to regulate their policies. The Greater Noida Industrial Development Authority (GNIDA) had already lowered the rates in June.
Likewise, transfer fees for institutional property have been lowered from 10% to 5%. Buyers of commercial real estate will have to pay 5% for such plots, and buyers of shops and kiosks have to pay 2.5%.
Other Crucial Decision-
– All allottees were given an additional six-month extension to obtain a completion certificate based on the lease deed conditions without paying additional fees to request an extension.
– The authority has also received board approval for the installation of a anti-smog tower in sector 16A together with BHEL.
– Leaders who work and travel to Delhi can also look forward to a timely completion of the Chilla elevated road. Work on the road had to be stopped in December last year. As the state government did not allocate its share of the funding for the project. After receiving an order for Rs 605 crores, the Uttar Pradesh PWD and Noida administration had to share the costs equally.
–However, the government has not yet taken the necessary steps to transfer funds to the Department of PWD. Government officials will continue the project and begin construction until the funds are finished. Further the officials can contact the government to get more capital.
Sanjeev Mittal, Noida Authority Chairman, who chaired the board meeting, said. “Changing the transfer fees is an extremely important step for residents. Various groups and associations of residents have requested and asked the authorities to reduce the transfer fee.”
Rakesh Kumar Srivastava, Deputy Inspector General of the Department of stamps and Registration, said, “the decision by the authorities is taken in a timely manner. This will improve the mood in the housing market shortly before the festival season.”
Amit Gupta, president of the Prateek Wisteria Apartment Owners Association in Sector 77, said, “Reducing the cost of transferring memorandum charges will help many residents who want to buy or sell their property. But the authorities must also work on the problems of helpless buyers who cannot perform the registry process.”