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Wednesday, October 27, 2021

Effect of news: Property transfer charge halved in Noida-Greater Noida, industrial plot also got relief

Property transfer charges halved in Noida.

Noida Property Transfer Charge: The Noida Authority has halved the transfer charge of flats and plots in the area under its administration. The transfer charge of institutional plot has also been halved. The authority has also reduced the transfer charge of flats of EWS and Sector 122 scheme to half.

On buying a flat in Noida for resale, it used to be a five percent transfer charge for getting it transferred from the Noida Authority along with the registry, but now it has been reduced to 2.5 percent. The transfer charge for EWS allotted from Noida Authority will be only one percent. Transfer charge for single unit and LIG has been reduced to 2.5 per cent. The transfer charge for the flat built in Shramik Kunj will be only 12 thousand rupees.

Financial Express Online raised the issue

Financial Express Online published the news about this a month ago. In this the issue of reducing the transfer charge was raised. Spoke to the top officials of the Noida Authority, Greater Noida Authority and Yamuna Expressway Authority on the state government. After this, in a meeting with the Noida Authority, Greater Noida Authority, Yamuna Authority and UP Additional Chief Secretary Arvind Kumar on September 24, it was decided to halve the property transfer charges.

Noida Property : Will the property transfer charge be removed in Noida-Greater Noida or not? UP government may take decision tomorrow

Industrial unit’s transfer charge also reduced

The transfer charge of the industrial unit has also come down. But now after taking a plot of a closed industrial unit, it will have to be started. Only after that it will be transferred. The industrial unit will have to pay a transfer charge of 5 percent. The transfer charge of institutional plot in the authority area was 10 per cent which has now become 5 per cent.

What is transfer charge?

In Noida, if a property is sold i.e. a resale property (purchase of property from the original allottee) then the seller has to pay Transfer of Memorandum Charge (TM). Its purpose is to ensure the successful transfer of property ownership. The transfer charge is in addition to the stamp duty and registration fee. This charge varies in different sectors according to the circle rate.

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