The City and Industrial Development Corporation (CIDCO) raised property transfer fees in Navi Mumbai starting Tuesday. The increases ranged from 5% to 10% for residential properties and a substantial 50% increase for commercial and registered housing society flat transfers. Transactions in important locations like as Airoli, Ghansoli, Koparkhairane, Vashi, Sanpada, Nerul, CBD Belapur, Kalamboli, Kharghar, Panvel, and Ulwe are anticipated to be impacted by the updated structure.
According to CIDCO officials, the decision was made at a recent board meeting and is consistent with the region’s continuing infrastructure improvements and growing property values. In response to the growing demand for residential and commercial space, the hike seeks to ensure sustainable urban expansion.
Residential units up to 20 square metres will attract transfer fees between Rs 27,000 and Rs 77,000 per square metre. For properties exceeding 200 square metres, the fees will range from Rs 1,11,100 to Rs 2,31,000 per square metre, depending on the location. Commercial property transfers exceeding 200 square metres will see charges as high as Rs 5,84,600 per square metre, while commercial land transfers will start at Rs 1,93,400 per square metre.
CIDCO has assured that applicants who submitted transfer requests before April 1 will not be affected by the revised rates.
There have been conflicting responses from industry experts. While some anticipate a brief halt in real estate transactions as a result of the higher prices, others think demand will continue to be high given Navi Mumbai’s fast urbanisation. Real estate experts warn that the fee increase might put middle-class purchasers under strain and limit their ability to purchase real estate. CIDCO has justified the decision, claiming that Navi Mumbai’s tariffs are still less expensive than those in other urban areas despite the modification.
The updated fees demonstrate CIDCO’s efforts to update infrastructure while maintaining affordability. In the upcoming months, as buyers, sellers, and developers adapt to the new financial environment, the effects of these changes on the real estate market will become more apparent.
Source: Urban Acres
