AgenciesThe National Real Estate Development Council (NAREDCO) has urged the UP government to withdraw the transfer charge on commercial property, roll back of increase in one time lease rent and increased purchasable FAR charges being demanded by Noida Authority.
The issue was raised in a meeting of real estate developers with Sanjiv Mittal, Industrial & Infrastructure Development Commissioner & Chairman, Noida & Greater Noida Industrial Development Authorities on Thursday.
Developers urged the government to implement the suggestions made by them earlier in the meetings held in Noida and Lucknow.
According to R K Arora, President of NAREDCO-UP, other suggestions include withdrawal of time extension charges, relief of Zero period and implementation of SC Order to apply interest rate of SBIMCLR.
“All the points raised by the developers were discussed in detail and the authorities assured to consider each one of them,” Arora said.
In it’s last letter on July 8, NAREDCO had said that the authorities is demanding huge transfer charges for registry of commercial properties.
“Their demand is based on the Noida Commercial Policy, 2004 which stipulates levy of transfer charges after expiry of 2 years from the date of completion. In these recession, the allottees of commercial units are not in a position to make full payment of the property and get the same registered within 2 years of completion and such delays take place,” Arora said.
Since Noida and Greater Noida Authorities are under the same Industrial Development Department, and the rules followed by Greater Noida Authority are more latest, developers said that transfer rules of commercial properties under Noida Authorities may be brought at par with that of Greater Noida Authority and the provision for transfer charges be done away with.
“While the Government is encouraging registry and possession of more and more commercial and residential units to earn more revenue on account of stamp duty and other taxes, the demand of transfer charges by Noida Authority is unjustified and needs to be done away with,” Arora said.
The issue was raised in a meeting of real estate developers with Sanjiv Mittal, Industrial & Infrastructure Development Commissioner & Chairman, Noida & Greater Noida Industrial Development Authorities on Thursday.
Developers urged the government to implement the suggestions made by them earlier in the meetings held in Noida and Lucknow.
According to R K Arora, President of NAREDCO-UP, other suggestions include withdrawal of time extension charges, relief of Zero period and implementation of SC Order to apply interest rate of SBIMCLR.
“All the points raised by the developers were discussed in detail and the authorities assured to consider each one of them,” Arora said.
In it’s last letter on July 8, NAREDCO had said that the authorities is demanding huge transfer charges for registry of commercial properties.
“Their demand is based on the Noida Commercial Policy, 2004 which stipulates levy of transfer charges after expiry of 2 years from the date of completion. In these recession, the allottees of commercial units are not in a position to make full payment of the property and get the same registered within 2 years of completion and such delays take place,” Arora said.
Since Noida and Greater Noida Authorities are under the same Industrial Development Department, and the rules followed by Greater Noida Authority are more latest, developers said that transfer rules of commercial properties under Noida Authorities may be brought at par with that of Greater Noida Authority and the provision for transfer charges be done away with.
“While the Government is encouraging registry and possession of more and more commercial and residential units to earn more revenue on account of stamp duty and other taxes, the demand of transfer charges by Noida Authority is unjustified and needs to be done away with,” Arora said.
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