When it comes to buying or selling property in Noida, understanding the various charges involved is crucial. One of the significant costs to consider is the transfer charges, often referred to as Transfer of Memorandum or TM charges in Noida. This guide will provide a comprehensive overview of transfer charges in Noida, including registry charges in Greater Noida, and explain the process of property registration in Noida.
Transfer charges or TM is the fees paid to the local development authority when transferring property ownership. These charges, only applicable for resale units, are essential for the legal registration of the property in the buyer’s name and are separate from the stamp duty and registration fees.
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Transfer charges in Noida are typically calculated as a percentage of the property value. This percentage can vary based on the type of property, whether it is residential or commercial, and the location within Noida or Greater Noida. The local development authority sets the percentage as per circle rates, and they can be revised periodically. The current TM charges in Noida starts from 2.5%
Further, in case a property is transferred from the General Power Attorney (GPA), the transfer charges are 2x.
When transferring property to a blood relative in Noida, including son, daughter, spouse or parents, the transfer charge is 50% of the standard rate. Historically, transferring property to blood relatives required only a nominal processing fee of Rs 1,000. However, in 2012, following a proposal by the Uttar Pradesh Department of Stamps and Registration, the Noida Authority significantly increased these charges.
This change was implemented to streamline and regulate the property transfer process. It ensures that even transfers within families contribute to the state’s revenue, albeit at a reduced rate compared to standard transactions.
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Apart from transfer charges, registry charges in Noida include stamp duty and registration fees. Stamp duty is a tax paid to the state government, while registration fees cover the cost of registering the property documents with the local sub-registrar’s office. The registry charges in Greater Noida are similar but may have slight variations depending on local regulations.
The property registration process in Noida involves several steps:
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The Transfer Memorandum (TM) process in Noida involves applying to the Noida Authority for permission to transfer property ownership. The applicant submits necessary documents, pays the applicable TM charges, and receives the transfer approval from the authority.
The property registry in Noida involves paying the stamp duty, preparing the sale deed, submitting documents to the sub-registrar’s office, and completing the registration after verification. The buyer then pays the registration fee, and the property is officially registered in their name.
Stamp duty in Noida is calculated as a percentage of the property’s market value or the transaction value, whichever is higher. The rate is typically around 7% for residential properties, with variations based on the buyer’s gender and property type.
To transfer property in Noida, the seller and buyer must sign a sale agreement, pay the applicable TM charges, and submit necessary documents to the Noida Authority. After obtaining the Transfer Memorandum, the buyer proceeds with the property registration process.
TM charges in Noida are typically around 2.5-7% of the property value, depending on the type and location of the property. It’s advisable to check with the Noida Authority for the latest rates.
The buyer usually pays the transfer fee when purchasing a house in Noida as part of the property registration and transfer process.
Circle rates in Noida are the minimum property prices set by the government for various locations within the city. These rates vary by sector and type of property and are used to calculate stamp duty and registration fees.
The stamp duty applicable in Noida is typically 7% of the property’s market value for residential properties, with a reduced rate for female buyers or joint ownership with female buyers.
The stamp duty in Greater Noida is similar to Noida, generally around 7% of the property’s market value for residential properties.
TM charges are generally applicable when transferring property ownership, including homes bought from builders if the property is being resold or transferred to another individual.
To transfer property in Noida, the seller and buyer need to:
1.Sign a sale agreement.
2.Apply for the Transfer Memorandum (TM) from the Noida Authority.
3.Pay the applicable TM charges.
4.Complete the property registration process with the sub-registrar’s office by paying stamp duty and registration fees and submitting the required documents.
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