noida may do away with transfer charges
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Business • Business Opportunities
Noida may doaway with
Transfer chargesJul 24, 2015 • By Umang Estates •
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It's too soon to say, however in the event that thestate Government consents to the NoidaAdministration proposition, exchange chargescould soon be a relic of times gone by. At a latecentral secretary level meeting, it was collectivelychosen that exchange charges ought to be doneaway with and the proposition was sent to theadministration for its support. This vital choicetakes after the late news that UP stamp andregistry office will table a proposition to eitherslice the extra part accused of circle rates foradditional offices in gathering lodging socialorders or scrap it out and out.
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REALTOR TODAY BUREAU
It's too early to say, but if the state Governmentagrees to the Noida Administration proposal,transfer charges could soon be a thing of thepast. At a recent principal secretary level meeting,it was unanimously decided that transfer charges
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should be done away with and the proposal wassent to the government for its approval. Thisimportant decision follows the recent news thatUP stamp and registry department will table aproposal to either slash the additional componentcharged with circle rates for extra facilities ingroup housing societies or scrap it altogether. Ifthe proposal is approved by district magistrate,the new rates could be implemented by august
The administration is keen put a stoptransfer charges because right from theproject launch to registration the flathas already been sold several times.The builder charges anything from Rs.200 psft to Rs. 500 psft as transfermoney before entering the new name inhis books. "This is an illegal practice asthe money is not accounted for," said aNoida official on conditions ofanonymity. "One of the Major hurdlesfaced by the apartment owners is thatwhenever they want to sell a flat ownedby them, they are being asked by thebuilders to pay a transfer fee. Usuallythe amount is big and the owner has topart with a large sum of money due tothe unfair demand on the part of thebuilder."
The administration, on the other hand, doesn'ttransfer the flat in the new buyer's name unlessthey get NOC from the builder. The latter chargesanother couple of lakhs or more from the newbuyer before over the NOC. Not only that, afterregistration of the flat, the administration chargestransfer, the administration charges transfermoney every time the flat is sold. The RWAs areno less as they also charge not once, but twicefrom both the buyer and the seller before makingyou the member of the society.
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About the Author
Umang Estates
This article has publishedin "Realtor Today" newspaper between the dates of12th July-25 July 2015
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