Mumbai: Buying flat on collector's land? Be ready to pay double transfer fee
If you are planning to purchase a flat on collector's land, then get ready to pay double for transfer fees, as cash-strapped state government is planning to hike it
If you are planning to purchase a flat on collector's land, then get ready to pay double for transfer fees, as cash-strapped state government is planning to hike it. However, depending upon whether the person is an ordinary citizen or from a special category like a VIP, which includes bureaucrats, judicial officials or scientists, the fee structure would vary accordingly.
Mumbai has 3,000 housing societies on collector's land and across 22,000 are present across Maharashtra. Revenue officials say since the land rate is higher in Mumbai, residents occupying housing societies on collector's land will be required to shell out more than those living in the suburbs.
According to The Times of India, as per the estimation of government officials, there have been thousands of flats, which have been sold with new memberships, which were apparently given without express permission of the collector, which they deem are irregular. Therefore, an opportunity has been provided by the state government to regularise the purchase, which would enable them to become the society's regular members.
In case of flats under ordinary category, the occupants will have to foot double the transfer fees, which will be applied as penalty, if flats were sold without permission, while citizens under special category are exempt from this.
The penalty proposed on flats sold without the approval of the government, will be double the transfer fee calculated on lower rate to ordinary citizens.
The land has been leased to housing societies formed by housing societies formed by both government staff and private citizens.
The transfer fee was increased in three slabs namely 5, 10 and 15 years by the government in 2007. According to this, the transfer fee would be increased at Rs 500 per sq ft for flats sold without permission in 2017, Rs 1,000 per sq ft in 2017. This is for citizens in the non-special category or 6 per cent of ready reckoner rate, whichever is higher, while for special category members the increase is at Rs 2,000 per sq ft.
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