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On Friday, the Noida Authority lowers the transfer charges of residential properties. The residential owners will now have to pay 2.5% as transfer charges instead of 5%. The transfer charges of commercial properties, industrial and institutional properties have also been revised. Uttar Pradesh infrastructure and industrial development department asked the industrial development authorities in Noida and Greater Noida to standardise their policies. In June, the Greater Noida Industrial Development Authority (GNIDA) lowered the rates. Sanjeev Mittal, Chairman of Noida Authority, in a meeting, said that the revision of transfer charges is crucial for residents, and many residents and associations have asked the authority to lower the transfer charges. Rakesh Kumar Srivastava, Deputy inspector-in-general of stamps and registration, told the media that the authority had decided at a suitable time. It will improve the realty market before the festive season. Residential groups are also welcoming the decision. The lowering of the transfer charges has helped the residents to buy or sell properties. But the authority should also work on the issues of stranded buyers who cannot execute their registry, said apartments' owners' association of Prateek Wisteria, Amit Gupta. The transfer charges of institutional properties have also been lowered from 10% to 5%. People who are buying commercial properties will also have to pay 5% for plots, whereas people buying kiosks and shops will have to pay 2.5%. All the allottees have been given six months of additional extension to get a certificate of completion according to their lease document without paying any extra charges. Working executives of the Delhi Chilla elevated road are looking forward to the completion of the project on time. The elevated road project was delayed because the government did not give the share of its funds for the project. Image SourceAlso read: BMC to waive off around Rs 41 cr property tax for hotels