Noida Authority has halved the transfer charges on the resale of property in Uttar Pradesh. With the ongoing pandemic, many of the buyers have suffered delayed projects and market slow down. Keeping this in mind, Noida Authority has come up with a new policy.
In a meeting held on September 24, the authority decided to reduce the Transfer of Memorandum (TM) fee, commonly called Transfer Charge, from 5% to 2.5% on flats and plots. Transfer Charge is a charge levied by the authority at the time of registration of a plot and flats. For instance, if a buyer owns an apartment of Rs.1 crore, then as per the new charges, a buyer will now have to pay Rs.2.5 lakhs as a transfer charge instead of Rs.5 lakhs earlier.
The applicable charge will be taken into consideration for the properties allotted after 2011. “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,” said Rajiva Singh, President, Noida Federation of Apartment Owners Associations. This move will boost the homebuyer’s sentiments and help homeowners who are looking to sell their properties in the near future.
