Property transfer charges reduced to half in Noida

The Noida Authority on September 24 halved the transfer charges of residential properties from 5 per cent to 2.5 per cent. Similarly, the transfer charges of institutional properties have been reduced from 10 pc to 5 pc.

While people buying commercial properties will have to pay 5 per cent, those buying kiosks and shops will shell out 2.5 per cent.

According to media reports, the Infrastructure and Industrial Development Department of the Government had asked the three industrial development authorities in Noida and Greater Noida to standardise their policies.

The Greater Noida Industrial Development Authority (GNIDA) had brought down the rates in June.

Presiding over a Board meeting, Noida Authority Chairman Sanjeev Mittal said, “The revision of transfer charges is an extremely important development for residents. Several residents’ groups and associations had raised demand and asked the authority to bring down the transfer charges.”

Rakesh Kumar Srivastava, DIG, Stamps and Registration Department, said, “The decision of the Authority has been taken at an opportune time. It will improve the sentiments in the property market just before the festival season.”

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Residents’ groups also welcomed the decision of the Authority. .

The Board also decided that all allottees will get an extension of additional six months to secure a completion certificate as per their lease deed condition without paying any extra charges.