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Noida authority halves transfer charges on resale of property, homebuyers celebrate

The move is likely to help improve the overall sentiment and help homeowners looking to sell their properties

Banks have started announcing cheaper interest rates and favourable loan terms ahead of the festive season. First, Kotak Mahindra Bank upped the ante by slashing its lowest home loan rate to 6.5 percent.

Banks have started announcing cheaper interest rates and favourable loan terms ahead of the festive season. First, Kotak Mahindra Bank upped the ante by slashing its lowest home loan rate to 6.5 percent.

The Noida authority has halved the charges it levies on the resale of property in the bustling Uttar Pradesh city, a move that is expected to improve sentiments in a market hammered by delays and a slowdown because of the coronavirus pandemic.

During a meeting on September 24, the authority reduced the transfer of memorandum (TM) fee or the transfer charges from 5 percent to 2.5 percent on plots as well as flats. The authority levies a transfer fee at the time of registration of a plot or flat on resale.

The new charges will be applicable on the properties allotted after 2011, the authority said in a statement.

Residents of the city, a busy Delhi suburb that houses commercial and residential properties, are elated at the decision.

“This is a welcome initiative by the UP government. Hundreds of homebuyers are elated by this decision. The next step should be to clear the entire backlog of over 50,000 pending registries so that the benefit of reduced transfer charges can be extended to those homebuyers too,” Rajiva Singh, president, Noida Federation of Apartment Owners Assocaitions, told Moneycontrol.

Close

It was a positive move but a lot more needed to be done, consultants said.

“While it will help improve overall sentiment and help property owners looking to sell their properties, it goes without saying that there is a lot more that can be done, said Santhosh Kumar, Vice Chairman-ANAROCK Group.
Moneycontrol News
first published: Sep 25, 2021 03:16 pm

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