Thread by @India_Policy

In Noida, transfer charges for a flat is as high as 23% of the transaction value, despite stamp duty being 5%.

Beside stamp duty to the @UPGovt, the @noida_authority charges an exorbitantly high transfer fees and now the AOAs(RWA) have started charging upto 1% for the transfer

@UPGovt @noida_authority The Stamp duty and the Noida Authority transfer charges are calculated on the so called sector rate, which is currently as high as 150% of the the market value. So a 5% stamp duty anyway becomes 7.5%.

@UPGovt @noida_authority The current property transfer regime in Noida makes it far cheaper to buy a new property, than in resale.

Has completely killed real estate as an asset class. @CeoNoida @dmgbnagar

@UPGovt @noida_authority @CeoNoida @dmgbnagar Noida Authority doing a great job as civic agency.

Since it's not municipal body, it cannot impose Property Tax. And therefore to raise revenue, it acts like property dealer, extracting exorbitant brokerage on all transactions.

Perhaps time for Noida to get a municipal corpn

Old sectors like Sec 15, if were in Delhi or Ghaziabad, each Bungalow wud pay lakhs in property tax.

But in Noida, they get excellent civic service for free.

Noida is like close gymkhana club where old memebers get it all free, paid by occasional new memeber taken for huge fee

Today in Noida, Middle class apartment buyers are paying for the civic services for the posh VIP Bungalow sectors like sec 15.

For the Bulder societies, from Park maintenence to street light to waste disposal, all is paid by residents, while all these are for free in NA sectors

It has been 45 years that Noida was established. It still hasn't got a Municipal Corpn.

It's overdue that a Municipal Corpn is estd, the fully developed sectors become freehold and are handed over to the Municipality. @Satishmahanaup @PankajSinghBJP @dr_maheshsharma