Stay updated with the latest - Click here to follow us on Instagram
Journalism of Courage
This is an archive article published on April 1, 2025
CIDCO hikes property transfer fees in Navi Mumbai
For properties exceeding 200 square metres, fees will be between Rs 1,11,100 and Rs 2,31,000 per square metre, depending on the location and property type.
For properties exceeding 200 square metres, fees will be between Rs 1,11,100 and Rs 2,31,000 per square metre, depending on the location and property type. (Express File)
The City and Industrial Development Corporation (CIDCO) announced an increase in property transfer fees across Navi Mumbai by 5 to 10 per cent, depending on the size and type of the property. The revised charges came into effect from Tuesday. Moreover, flats in registered housing societies and commercial shops will face a 50 per cent hike in transfer fees.
“The decision was finalised during CIDCO’s recent board meeting, with the new rates applicable for the current financial year,” said a CIDCO official.
According to the official, the revision aligns with market dynamics and ongoing infrastructure development in the region.
The move is expected to impact property transactions in key areas such as Airoli, Ghansoli, Koparkhairane, Vashi, Sanpada, Juinagar, Nerul, CBD Belapur, Kalamboli, Kharghar, Panvel, and Ulwe.
“The fees would, however, remain as earlier for those who have applied for the transfer before April 1,” added the official. Under the new structure, residential property transfer fees for units up to 20 square metres will range from Rs 27,000 to Rs 77,000 per square metre.
For properties exceeding 200 square metres, fees will be between Rs 1,11,100 and Rs 2,31,000 per square metre, depending on the location and property type.
For residential land of up to 40 square metres, the transfer fee will start at Rs 26,700 per square metre. Commercial properties of over 200 square metres will now attract charges as high as Rs 5,84,600 per square metre. Commercial land transfers will see starting rates of Rs 1,93,400 per square metre.
Even if this move may slow down the market, CIDCO maintained that the changes are essential to keep pace with rising property values and the cost of urban development.
© The Indian Express Pvt Ltd
Advertisement
Loading Recommendations...
Advertisement
Live Blog
Advertisement