On Friday, the Noida Authority board took a significant step by reducing property transfer charges, a move projected to provide significant relief to a multitude of residents, according to real estate experts. For apartment buyers and owners of residential plots engaging in secondary market transactions, the transfer fee has been lowered to 2.5% from the previous 5%. Adjustments have also been implemented for transfer fees pertaining to commercial, industrial, and institutional sectors.
The Uttar Pradesh Government’s Infrastructure and Industrial Development Department has directed the three industrial development authorities operating in Greater Noida and Noida to harmonize their policies. The Greater Noida Industrial Development Authority (GNIDA) had previously adjusted its rates back in June.
Similarly, institutional property transfer fees have been decreased from 10% to 5%. Commercial real estate buyers will now be subject to a 5% transfer fee for plots, whereas buyers of shops and kiosks will be charged 2.5%.
Other Crucial Decisions
- All allottees have been granted an additional six-month extension to acquire a completion certificate, based on the conditions outlined in the lease deed, without incurring supplementary extension request fees.
- The authority has secured board approval for the installation of an anti-smog tower in Sector 16A, in collaboration with BHEL.
- Individuals who commute to Delhi can expect the timely completion of the Chilla elevated road. The project experienced a work stoppage in December of the preceding year due to the state government's failure to allocate its designated share of funding. Following an order for Rs 605 crores, the Uttar Pradesh PWD and the Noida administration were obligated to share the costs equally.
- Despite this, the government has yet to undertake the requisite actions to transfer funds to the Department of PWD. Government officials are committed to continuing the project and initiating construction endeavors until existing funds are depleted, with the provision to solicit additional capital from the government as needed.
Experts Opinion
Sanjeev Mittal, Chairman of the Noida Authority, who presided over the board meeting, stated, "Modifying the transfer fees constitutes an immensely significant measure for residents. A multitude of resident groups and associations have formally requested and implored the authorities to implement a reduction in the transfer fee."
Rakesh Kumar Srivastava, Deputy Inspector General of the Department of Stamps and Registration, remarked, "The authorities' decision has arrived at an opportune moment, poised to uplift sentiment within the housing market in the immediate lead-up to the festival season."
Amit Gupta, President of the Prateek Wisteria Apartment Owners Association in Sector 77, commented, "Decreasing the cost associated with transferring memorandum charges will provide substantial assistance to numerous residents endeavoring to buy or sell their properties. Nevertheless, the authorities must also address the challenges confronting vulnerable buyers who encounter obstacles in completing the registry process."
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