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

The issue of property transfer charge heats up in Noida and Greater Noida

Noida Property transfer Charges : The issue of property transfer charge is getting hot in Gautam Budh Nagar. On Wednesday, Industries Minister Satish Mahana can talk to the top officials of Noida Authority, Greater Noida Authority and Yamuna Expressway Authority on this issue in Lucknow. The government wants to send a positive message to the voters of Noida and Greater Noida ahead of the UP elections by indicating talks on the pending issues of industrial allottees and the issue of property transfer charges.

Industry minister and authority officers meeting

Mahana says that the industries department in Noida and Greater Noida are sending applications for land acquisition from big companies to Noida and Greater Noida authorities. In the meeting of industrialists with the officers of the Authority, there will also be a review of the exemption given from March 22 to June 30 last year. The transfer charge of property in Noida will also be discussed in the meeting. However, there is little chance of eliminating or reducing it. A senior official looking after the matter says that some special clusters can be formed by the authorities in Gautam Budh Nagar where the main allottee can get permission for sub-leasing without any charge. But there is a possibility to do away with the transfer charge on the sale of individual plots or units.

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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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