In a move that is poised to benefit countless homebuyers, the Greater Noida Authority has announced a reduction in real estate transfer fees applicable to resale properties.
Revised Fee Structure
During a recent board meeting, the Authority made the decision to lower the transfer fee from the existing 10% to 5% for properties falling under the institutional, commercial, and industrial categories. Notably, allottees or buyers in Greater Noida are required to remit a transfer fee calculated on the full resale value of the property, in addition to the standard registration charges.
Industry Perspectives
Dhiraj Jain, Director, Mahagun Group, highlighted that one of the key outcomes of the meeting was the reduction of transfer fees from 5% to 2.5% for residential areas, townhouses, as well as shops and kiosks. Mr. Jain noted, "The transfer fees are set at a maximum of one percent to 2.5 percent. This decision will definitely uplift the resale real estate market in different categories."
Furthermore, it was decided that transfer fees for group housing societies or companies would be capped at 1%.
Yash Miglani, Managing Director, Migsun Group, commented that the Greater Noida Authority board meeting had proven to be beneficial for the real estate sector. Mr. Miglani stated, "The decision made to reduce the transfer fees, which will increase the resale market. The sector needs constant support from the authorities, especially in the current challenging environment."
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