The Maharashtra State Housing Federation’s Navi Mumbai wing states that CIDCO should stop levying transfer premiums on flats\/commercial outlets on resale properties, as it is double taxing the property buyer. CIDCO has entered into a lease agreement of 60 years with most housing societies in Navi Mumbai as a town planner for decongesting Mumbai. A flat buyer already pays a transfer premium of Rs 25,000 to the cooperative housing society per the Maharashtra Cooperative Societies (MCS)\u00a0 Act, 1960 and its bylaws. Still, CIDCO is levying a transfer premium per slab rate ranging from over Rs 23,000 to over Rs 8 lakh, excluding 18 per cent GST, which is legally and ethically wrong for CIDCO, claims the federation.<\/p>\n
A writ petition is already filed in the Bombay High Court, challenging these dual transfer premium charges. The matter is slated for a hearing before the month-end. Advocate Shreeprasad Parab, expert director of the Maharashtra State Housing Society Limited, said, “CIDCO, acting as an agent of the state government, provides land to cooperative housing societies\/developers only on a lease of 60 years in accordance with the land disposal regulations.<\/p>\n
“CIDCO charges transfer premium from individuals who sell their flat\/commercial outlet and transfer their membership in the society. The transfer premium charged by CIDCO ranges from Rs 23,000 plus 18 per cent GST for a flat with 215 sq ft carpet area to Rs 8,35,000 plus 18 per cent GST for flat\/commercial outlets with carpet area above 2,150 sq ft,” said Parab.<\/p>\n
According to Parab, the Supreme Court has held that an agreement to transfer shares of a cooperative housing society or a limited company cannot amount to an agreement to sell an immovable property. Although the flat purchaser has a right to occupy the flat as a member of society, the transfer of shares alone does not amount to the transfer of immovable property.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Maharashtra State Housing Federation’s Navi Mumbai wing states that CIDCO should stop levying transfer premiums on flats\/commercial outlets on resale properties, as it is<\/p>\n","protected":false},"author":1,"featured_media":3212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[152],"tags":[],"class_list":["post-3211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mmr"],"_links":{"self":[{"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/posts\/3211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3211"}],"version-history":[{"count":0,"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/posts\/3211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/livzzy.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}