Property transfer charges have been reduced to half in Noida, with many of the changes to come into effect from today.

Noida Authority on September 24 halved the transfer charges of residential properties from 5 per cent to 2.5 per cent. Furthermore, it's also reduced the transfer charges of institutional properties from 10pc to 5pc.

Commercial Property Buyers will now have to pay 5 per cent Stamp Duty while those buying kiosks and shops will shell out 2.5 per cent.

Residents of Noida will be able to save more than Rs 5,000 on their transfers as the Greater Noida Industrial Development Authority (GNIDA) has revised the transfer charges. Sanjeev Mittal, chairman of GNIDA was present at the meeting wherein he said, "The revision of transfer charges is an extremely important development for residents. Several residents' groups and associations had raised demand and asked us to bring down the transfer charges."

Rakesh Kumar Srivastava, DIG, Stamps and Registration Department, said, “The decision of the Authority has been taken at an opportune time. It will improve the sentiments in the property market just before the festival season.”

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