Noida authority cuts secondary property transfer charges to 2.5%

NOIDA: Families looking to buy secondary market property in Noida will have to pay only 50% of transfer charges from Friday. The Noida Authority on Thursday issued an order, reducing the property transfer charges to 2.5% from 5%, a day after the minutes of its September 24 board meeting were approved by the state government.

Though the Authority had announced that it would bring down the property transfer charges to 2.5% after holding its board meeting, buyers were waiting for the official announcement to enter the secondary market.

Now on, applicants will have to pay half the amount to get the transfer of memorandum letter. The applicants will have to pay 2.5% of the prevailing land premium of the sector to formalise the process.

Shefali Malhotra, a resident of Sector 51 who has been staying on rent, said, “I wanted to buy a flat but decided to wait till the transfer charges for the resale of properties was brought down.”

A senior authority officer said that the finance department was waiting for the approval of the minutes and the order will be effective from October 8.