GNA Slashes Transfer Fee On Real Estate Transactions

In a development that could bring relief to homebuyers in Greater Noida, the GNA (Greater Noida Authority) has slashed the transfer charges on the resale of property. This move comes at a time when the real estate sector in the country is reeling under the impact of the second wave of the COVID-19 pandemic. In the board meeting conducted to discuss the details regarding this measure, the authority has decided to slash down the transfer charge to 5% on all transactions under the commercial, institutional and industrial category. Presently, the transfer charge is fixed at 10%.

In Greater Noida, the allottees need to fork out a transfer fee on the overall property valuation at the time of resale. Moreover, they need to pay the registry fee. During the meeting, it was decided that the transfer charges for residential land, kiosks, shops, and built-up homes would be reduced to 2.5% from 5%.As a result of this decision, the real estate market will get a boost in the region. The real estate players are happy with the decision, as it is believed that property dealings will become easy with the new set of norms in place.

The transfer fee for group housing societies would be 1%, as per the updated rates. This would prove fruitful for the real estate sector, as it would bail them out of several pressing issues. The decision was taken to leverage the real estate sector, which has long been lingering under the adverse impact of the pandemic. Presently, the real estate industry needs a steady support from the GNA, so that it can get back to normal health in the coming months.