Noida may slash property transfer charges (Generating revenue from stamp duty)

After a long followup finally Noida Authority has agreed to give a thought to slash property transfer charges. NOFAA President Rajiva Singh wrote a letter to Ritu Maheshwari, CEO, Nida Authority on 13th Sept, 20220, requesting  current charges of TM  be slashed at least by fifty percent.  The board meeting of Noida Authority is expected to take place on September 24th,2021. The Authority is contemplating to bring down the property transfer charges at the meeting. Businessmen, RWAs and flat owners have been petitioning the Government to highlight the steep transfer charges they have to pay to the Authority while selling their properties. In June this year, the Greater Noida Authority brought down the transfer charges on properties, thereby encouraging secondary market realty transactions in the city. However, Noida is yet to rationalise the charges. Institutional and commercial plot owners, at present, have to pay 10% of the prevailing land premium transfer charges. The Authority is contemplating to bring it down to 5%. Similarly for the transfer of non-functional industrial plots, an allottee has to pay 10% to the Authority while for the operational ones, the charges are 8%. For Flats and Apartments, the Authority is charging in the range of Rs 720 per sqm to Rs 1980 per sqm as per prevailing land premium of the sector. Transfer charges of flats have to be decided. Residential plot owners, Shop and kiosk owners are paying 5% while selling their units to the new buyers.