Abolish Excessive Transfer Fee on sale of Property & NOC
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Buying and selling property is an expensive affair. Apart from the price of the house there are other charges like stamp duty, registration that are legal and mandatory. However, when it comes to transfer fee that a builder/society charges for issuing a "No Objection Certificate", they are taking undue advantage of the buyer & seller and demanding lacs of rupee as transfer fee. I am in the process of making a sale of my property and the builder is demanding a transfer fee of 100000/- I have read various articles online on the law that governs transfer fee and found the following links that state some important things:
1. The transfer fee should be a maximum of Rs. 25000/- which is not being followed by the builders/society.
2. Because most banks insist on NOC (which is also not mandatory as per the link below) the buyer & sellers are forced to comply to the unreasonable demands of the builder/society and part with a large amount to acquire this piece of paper.
My request is that a clear law be passed on the Transfer fee (just like stamp duty is 5% and registration is capped at 30000/-) and the government work with people to punish offenders who demand excess fees.
Banks should not insist on NOC or come up with a workaround of protect the interest of the buyer/seller as well as the banks lending them money.
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