Members of the Sector 62 RWA have written to chief minister Yogi Adityanath, urging him to do away with the 10% property transfer memorandum charge levied by the Noida Authority.
The residents said property prices hadn’t seen much hike in the past few years and many of them have had pay cuts and job losses during the pandemic.
The residents also questioned the logic of charging a 10% fee for property transfers when they have already paid 99 years’ lease, which, they claimed, was 11 times the prevalent rate then. There are 47 highrises in Sector 62 and most of the people had bought flats there in the nineties.
“The flat owners had invested their hard-earned money about 20 years ago. As property transfer charge, the Noida Authority is now levying 10% of the difference between the selling price and the cost of its acquisition. This nearly amounts to 20% capital gains tax, just for changing the name of the owner in their records. This is a huge burden on residents,” said RK Uprety, the RWA president.
Uprety also pointed out that property prices had slumped in the past few years. “The property market has witnessed a reduction of about 25% in rates. It is shocking that property transfer charges are being levied now,” he said.
“We have already paid a one-time lease for 99 years, which was 11 times the prevalent rate according to Authority rules. Even after that, it is only in Noida where we not only have to pay a registry amount again but also this property transfer charge now. So, we have urged the CM to remove this clause and clear the freehold properties for Noida residents,” said Uprety.
