We recieve a lot of queries regarding CIDCO transfer charges and whether it is applicable to new flat purchases directly from the builder.
The short answer to that question is…..
If you buy any property in Navi Mumbai,you are liable to pay transfer charges to CIDCO.,when you buy from the builder as a first purchaser,you are not liable for transfer charges.
Because all land in Navi Mumbai belongs to CIDCO.They only give land on lease (long lease) and hence they are like a giant landlord.Now logic should tell us that if we are sitting on a property that belongs to a giant landlord (in this case its CIDCO),it is but obvious that if you want to leave and make someone else sit in your place,you will need the approval of the landlord.Period.
What happens if you dont pay CIDCO transfer charges?
Well,that depends on whether you are the buyer or seller of the property and whether you and the buyer before you has paid the stamp duty or not.If the buyer before you has paid the transfer charges,then you dont have to worry.Just pay the transfer charges and youre ok.But if the buyer before you has not paid the transfer charges then you are liable to pay it when you purchase it..sorry but that’s the hard fact.
So make sure that you purchase a flat only after checking that the previous owner has paid the CIDCO transfer charges.If you buy from the builder,you don’t have to pay transfer charges as it will be applicable after the formation of the society and at the time of conveyance.Sometimes even the banks are not aware of these transfer charges,and the builders don’t want to tell you at the time of selling the flat to you as they don’t want any additional expenses to come in the way of their sale.
What do transfer charges depend upon?
They depend on the carpet area (not built up area) of the flat.
For property above 100 sq.mtrs. the applicant should submit the required documents to Asst.Estate Officer, CIDCO Bhavan, CBD Belapur.
Are transfer charges fixed?
No,they change from time to time.So please check for the latest rates.
Call Us !
We can handle all your documentation needs for purchase of property in Navi Mumbai.
Latest CIDCO Transfer Charges – 2016
Download PDF CIDCO TRANSFER CHARGES 2016