Property transfer process and requirments : All things to know

The process of buying and selling property can be confusing, and transferring property comes with its own set of rules and requirements.If you own real estate and want to transfer it to someone else, you’ll need to change the title on the deed to reflect that. There are two main ways to do this — a quitclaim deed and a warranty deed — and the one you choose depends on who you’re transferring the property to, why you’re doing it,

When you are buying a resale property in Noida, along with stamp duty and registration fee, it is also essential to pay the Transfer of Memorandum Charges (TM) to ensure a successful transfer of ownership. However, these charges vary significantly across sectors depending upon the circle rate. To know about the transfer charges in Noida, read here.

Unlike in Delhi and Ghaziabad, residential properties in Noida are sold on a leasehold basis for a period of 90 years. Here, the Noida Authority is the owner of the land, and the builder/developer is the lessee/allottee. Therefore, each time a transaction takes place, the buyer needs to pay a lease rent to the authority known as Transfer of Memorandum Charge (TM), or simply, transfer charge. However, these charges do not apply if you are buying a new residential unit from a builder. Only the resale units attract a transfer charge, and the change in the ownership of allotted properties is permissible only after the execution of the lease deed. Moreover, the transfer charges are applicable on the circle rates and may vary significantly across sectors.

Transfer charges applicable when you transfer the property in blood relation

In case you are transferring the property in blood relation, the transfer charge applicable is 50 percent of the current rate. Earlier, the transfer of properties to blood relatives involved only a marginal sum of Rs 1,000 as a processing fee. However, after the proposal of the Uttar Pradesh Department of Stamps and Registration in 2012, the Noida Authority hiked the transfer charges, avers Prayag Chaudhary, Property Consultant, JVM Properties.

Transfer charges applicable when you transfer the property in blood relation

In case you are transferring the property in blood relation, the transfer charge applicable is 50 percent of the current rate. Earlier, the transfer of properties to blood relatives involved only a marginal sum of Rs 1,000 as a processing fee. However, after the proposal of the Uttar Pradesh Department of Stamps and Registration in 2012, the Noida Authority hiked the transfer charges, avers Prayag Chaudhary, Property Consultant, JVM Properties.

To transfer the property, primarily you need to get it registered with the sub-registrar’s office located in the area where the property is situated. Once the registration process is complete, visit the Noida Authority’s office along with the property documents and the registration certificate. The authority will review the documents, collect the transfer charges and issue the Transfer of Memorandum along with the payment receipt. The Transfer of Memorandum will serve as proof of the successful transfer of ownership rights from the seller to the buyer.