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Maharashtra Reduces Transfer Fee For Societies Built On Govt Land

Maharashtra Reduces Transfer Fee For Societies Built On Govt Land

Maharashtra Reduces Transfer Fee For Societies Built On Govt Land
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In a move that will benefit retired bureaucrats and judges of high ranks, the Maharashtra government has reduced the transfer fee levied on selling of flats in cooperative housing societies which are built on leased government land.

One has to get the permissions from the collector to obtain the membership of such societies; one must also pay a transfer fee ranging between 3 and 18 per cent as transfer fee. However, units in these societies were transferred without seeking an approval from the said authority in the past.

Now, those who have made such transfers could regularise the transaction by paying fee in the range of three and five per cent.

In a government resolution (GR) was issued on May 4, it was stated that in case of transfer or sale of a flat before five years of the society formation, five per cent of transfer free will be levied, based on the ready reckoner rate. On the other hand, a three-per cent transfer fee will be applicable on the apartments falling in the post-five year's category.

Since the state government has not made available any land for co-operative housing societies for nearly two decades now, the rate for first five and 10 years will not really apply.

Previously, no transfer fee on transfer of a flat was levied if it was done through a gift deed or donation even if no prior approval from the collector was obtained. Now, the government has decided to charge three per cent of the ready reckoner rate as transfer fee.

Last Updated: Thu May 10 2018

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