In a move that is set to impact property transactions, the City and Industrial Development Corporation (CIDCO) has proposed an increase in property transfer fees. Property buyers in developed nodes of Navi Mumbai, such as Airoli, Ghansoli, Koparkhairane, Vashi, Sanpada, Juinagar, Nerul, CBD Belapur, Kalamboli, Kharghar, Panvel, and Ulwe will experience a sharp rise in transfer charges.
The revised rates, which will be effective from April 1, 2025, will see an increase of 5 to 10 percent, depending on the size and usage of the property. In a noteworthy development, the transfer fees for flats in registered housing societies and commercial shops will witness a dramatic 50% hike.
The decision to revise the transfer fees was finalized during the CIDCO Board meeting held last week. These new property transfer fees will be applicable for the financial year 2025-2026, spanning from April 1, 2025, to March 31, 2026.
Key Details of the Revised Fee Structure:
The fee revision will see higher transfer charges for properties located in well-developed areas like Airoli, Ghansoli, Koparkhairane, Vashi, Sanpada, Juinagar, Nerul, CBD Belapur, Kalamboli, Kharghar, Panvel, and Ulwe. These areas will face higher transfer fees in comparison to less developed regions such as Dronagiri and Pushpak Nagar.
- Residential Property Transfer (Up to 20 Square Meters): Fees will range from ₹27,000 to ₹77,000 per square meter.
- For Properties Over 200 Square Meters: The transfer fee will be between ₹11,100 and ₹23,100 per square meter, depending on the area and the property type.
- Commercial Property Transfer Fees: For residential land with up to 40 square meters, the transfer fee will start at ₹26,700 per square meter. For properties over 200 square meters, the fee will rise to ₹5,84,600 per square meter. Commercial land transfer fees will also see substantial increases, with rates starting at ₹1,93,400 per square meter.
- These new rates are expected to impact both sellers and buyers, particularly in high-demand areas. CIDCO has stated that the updated rates aim to better align with the market dynamics and infrastructure developments across the region.
- A Wake-Up Call for Property Buyers and Sellers: Property buyers and sellers are urged to be aware of the revised transfer fees, which come into effect in just a few days. The changes are anticipated to create a significant shift in property transactions across the region, particularly in the fast-growing nodes within Navi Mumbai and its vicinity.
- CIDCO's annual announcement of these fees reflects the evolving nature of the real estate market and its need to adjust to economic shifts. As property prices continue to rise in these areas, the fee hikes are seen as a necessary step to balance the growth and development of the region.