Noida Authority cuts transfer charges by half for houses and plots

Noida: Noida Authority has cut the transfer of memorandum (TM) fee, from 5% to 2.5% on residential properties. The transfer of memorandum (TM) fee is also called the transfer fee/charge. The reduction will be applicable on flats and plots.

The new fee will be applied on properties allotted after the year 2011. 

“We have reduced the TM fee in order to provide relief to residents and those who want to buy a property in this industrial town,” said Sanjiv Mittal, Chairman, Noida Authority. The cut in fee comes after state government issued some directions to Noida Authority to cut the fee to benefit homebuyers.

Now, for a Rs 1 crore residential property, the buyer will have to pay Rs 2.5 lakh as the transfer charge and not Rs 5 lakh which was applicable so far.