Noida: After the Confederation of the NCR (Conrwa) Welfare Association (Conrwa) and the Federation of Noida from the Association of Apartment Owners (NOFAA), Another Umbrella Body of RWA – Federation Noida Rwas (Fonrwa) – Now has demanded the removal of exorbitant property transfers apply to resale housing units at city.
While some residents stated that there had been no appreciation at property prices in the last 5-6 years, others claimed to face the financial crisis, mainly due to work loss because Covid 19.
“We have written to the CEO of the Noida Authority, Maheshwari Maheshwari urged him to remove the transfer fee of memorandum ( TM) is a large one that applies to resale properties on 99-year leases, “said Fonrwa President Yogendra Sharma.
When reselling properties in Noida, along with stamp duty and registration fees, is also important to pay a 5% TM fee to ensure the success of ownership transfers.
However, these costs vary greatly the cross-sector depends on the level of the circle.
Unlike Delhi and Ghaziabad, residential property in Noida is sold based on leashold for 99 years.
Here, noida authorities are landowners, and developers are Allottee.
Therefore, every time the transaction takes place, the buyer needs to pay the rent to the authority known as the cost of TM.
However, this fee only applies to units on reselling and not on new housing units.
KK Jain, Secretary General of Fonrwa, said, “Not only the registry accusations must be paid again at the time of sales deed, but also the cost of transfer of property, which adds property prices.
And because the real estate sector has struggled because of the recent economic downturn, the authority must be Stepping to take corrective steps.
The Great Noida Authority has cut the level of property transfer.
“Earlier this month, Conrwa filed a petition in the Allahabad High Court, demanding freehold property in this district.
“Hearing this problem expected this week.
We expect a positive response from the court,” said PS Jain, President Conrwa.