Good news for home buyers has come up by Noida authority and this one is especially for the resale market.
In a move that may boost homebuyers’ sentiments, the Noida authority has reduced the transfer charges it levies on the resale of a property by 50%. Now residential plot owners and flat buyers will now have to have to pay 2.5% charges instead of 5% in the resale transaction, similarly, for institutional plots, the transfer fee has been brought down to 5 percent against the earlier being charged 10 percent.
Just to tell you, the transfer charge is one of the fees that a buyer needs to pay to the authority at the time of registry of the resale plots or flats. The new transfer charges will be applicable on all the properties allotted after 2011 by the authority.
The decision to slash the transfer charges was taken by the Noida Authority in its 203rd board meeting held on Friday, September 25. The step has come after the Uttar Pradesh government recently ordered the authority to slash the charges to boost the sales of residential category properties.
The cutting down of transfer charges on the registry is certainly going to make buying resale flats and plots more affordable than ever. This is a piece of good news for property buyers as well as the real estate consultants, as a consultant you all have to be prepared to see some more transactions in the resale market.
The other outcome of the meeting is that the authority board also gave a green signal to restart the construction work of elevated road at chilla regulator from sector 14A to Mahamaya flyover. Also, the work for setting up an air pollution control tower has been approved by the Noida authority board near film city in sector 16A of Noida.
Hope you found this information useful!
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Regards Avinash Choudhury
(Advocate Gauhati High Court)