Noida authority cuts transfer charges by half for residential plots

NOIDA: Offering major relief to lakhs of residents, the Noida Authority board on Friday brought down transfer charges of properties. Residential plot owners and flat buyers entering the secondary market will have to pay 2.5% as charges now instead of 5%. Similarly transfer charges for other categories — commercial, industrial and institutional — have also been revised.

The infrastructure and industrial development department of the Uttar Pradesh government had asked the three industrial development authorities in Noida and Greater Noida to standardise their policies. The Greater Noia Industrial Development Authoity (GNIDA) had brought down the rates in June.

Noida Authority chairman Sanjeev Mittal, who presided over the board meeting, said, “The revision of transfer charges is an extremely important development for residents. Several residents’ groups and associations had raised demand and asked the authority to bring down the transfer charges.”

Deputy inspector general of stamps and registration department, Rakesh Kumar Srivastava said, “The decision of the authority has been taken at an opportune time. It will improve the sentiments in the property market just before the festival season.”

Residents’ groups also welcomed the decision. President of apartment owners’ association of Prateek Wisteria in Sector 77, Amit Gupta, said, “Bringing down the transfer of memorandum charges will help a lot of residents who are looking to buy or sell their properties. But the authority should also work on the issues of stranded buyers who are unable to execute their registry, particularly of the ones stuck in the sports cities.”

Similarly, the transfer charges of institutional properties have been reduced from 10% to 5%. People buying commercial properties will have to pay 5% for such plots while the ones buying kiosks and shops will shell out 2.5%.

Other key decisions

The Authority’s board also took several other important decisions. All allottees have been given an extension of additional six months to secure a completion certificate as per their lease deed condition without paying any extra charges for seeking a time extension.

Working executives who have to commute to Delhi could also look forward to the timely completion of the Chilla elevated road. The work on the elevated road had to be stopped in December last year as the state government had not released its share of funds for the project. Being commissioned for Rs 605 crore, the Noida Authority and Uttar Pradesh PWD had to share the cost equally.

The government, however, is yet to make provisions to release the funds to the PWD department. The authority officials will go ahead with the project and commence construction work till its kitty gets exhausted and will follow up with the government to get the money.

The authority also got approval from the board to go ahead and install the anti-smog tower in Sector 16A jointly with BHEL.