Noida Authority Moots Slashing Property Transfer Charges
Noida Authority is contemplating to bring down the property transfer charges. At the board meet, the Authority may bring down the property transfer charges. Businessmen, RWAs and flat owners have been petitioning the government to highlight the steep transfer charges they have to pay to the Authority while selling their properties. In June this year, the Greater Noida Authority brought down the transfer charges on properties, thereby encouraging secondary market realty transactions in the city. However, Noida is yet to rationalise the charges. Institutional and commercial plot owners, at present, have to pay 10% of the prevailing land premium as transfer charges. The Authority is contemplating to bring it down to 5%. Similarly, for transfer of non-functional industrial plots, an allottee has to pay 10% to the Authority while for the operational ones, the charges are 8%. The Authority may reduce the charges by 50% for the two categories and reduce the same to 5% and 4%, respectively. For flats and apartments, the Authority is charging in the range of Rs 720 per sqm to Rs 1,980 sqm as per the prevailing land premium of the sector. Transfer charges of the flats have to be decided. Residential plot owners, shop and kiosk owners are paying 5% as transfer charges to the Authority while selling their units to the new buyers. Charges for such allottees can be brought down to 2.5%.
Tags : News/Views Noida Authority Property Transfer Charges Slashing Moots