Buying a resale flat in Noida? Things you should know
Noida is one of North India’s biggest thriving real estate markets, with a metropolis sprawled on 20316 hectares of land that sustains important commercial, manufacturing, and residential sectors. Noida has a population of around 6.5 lakh people and is continually increasing. It has superb facilities and is well connected to Delhi. Noida’s per capita income is among the nation’s highest, and it offers several prospects for advancement. A large number of individuals migrate to Noida in search of work. Noida alone contributes 25% of the revenue of Uttar Pradesh, India’s largest state. If you are looking to buy a home in Noida, here are 5 things to keep in mind.
While purchasing a resale property in Noida, there are variety of documentation and legal inspections are essential to avoid future problems. Let’s go through them in depth to help you with your house purchase.
Conduct the required infrastructure inspections before buying a resale property in Noida
While completing a buying choice, inspect the property’s physical health. According to professionals, the best age for a resale property is between 1 and 10 years. The more maintenance is necessary, the older the property. Obtaining a home loan on an ancient property may sometimes be tricky. As a result, try to determine the true reason for selling the property. There could be problems; thus, be cautious!
Documents necessary to purchase a resale home in Noida
- Title Report
- No Objection Certificate (NOC) from the bank
- Building Approval Certificate
- Completion/Occupancy Certificate
- Encumbrance Certificate (EC)
- Utility Bills
- Tax receipts
- No Dues Certificate from society and bank
- Title Deed
- Sale Deed
- Possession Certificate
- Share Certificate from the society
What is the maximum registration term in Noida for a resale property?
The registration of a resale property in Noida must be completed as quickly as possible following the sale. The registration procedures, as per guidelines, must begin soon after the selling deed is signed. If the buyer is unable to register the property immediately, he or she has until four months from the date of execution of a sale deed to do so, according to the Uttar Pradesh Registration Act, 1908.
What fees are there for registering a resale property in Noida?
- Stamp duty as well as registration fees
The Noida Authority levies a 7% stamp tax on male and female owners. Females and joint owners (male and female) may, though, receive a Rs 10,000 reduction. The registration price is 1% for everyone. Previously, the stamp duty and registration fee in Noida were estimated based on the total built-up area, however the government dictated the costs be computed based on the carpet area in December 2021, easing the economic strain on buyers.
- Transfer fees
Resale homes in Noida are also subject to a Transfer of Memorandum (ToM) fee. It is charged to transfer property ownership to the new buyer. Moreover, transfer fees differ throughout Noida based on the area’s circular prices.
The Noida Authority will reduce the transfer cost for residential properties in the resale sector from 5% to 2.5% in September 2021. This means that customers who were used to paying Rs 5 lakh for a house or residential land worth Rs 1 crore would now pay Rs 2.5 lakh.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.