CIDCO Hikes Property Switch Charges In Navi Mumbai

CIDCO hikes property switch charges in Navi Mumbai | Mumbai Information

admin April 1, 2025

The Metropolis and Industrial Improvement Company (CIDCO) introduced a rise in property switch charges throughout Navi Mumbai by 5 to 10 per cent, relying on the scale and sort of the property. The revised prices got here into impact from Tuesday. Furthermore, flats in registered housing societies and business retailers will face a 50 per cent hike in switch charges.

“The choice was finalised throughout CIDCO’s latest board assembly, with the brand new charges relevant for the present monetary yr,” mentioned a CIDCO official.
In line with the official, the revision aligns with market dynamics and ongoing infrastructure improvement within the area.

The transfer is predicted to affect property transactions in key areas similar to Airoli, Ghansoli, Koparkhairane, Vashi, Sanpada, Juinagar, Nerul, CBD Belapur, Kalamboli, Kharghar, Panvel, and Ulwe.

Story continues under this advert

“The charges would, nevertheless, stay as earlier for individuals who have utilized for the switch earlier than April 1,” added the official. Underneath the brand new construction, residential property switch charges for items as much as 20 sq. metres will vary from Rs 27,000 to Rs 77,000 per sq. metre.

For properties exceeding 200 sq. metres, charges might be between Rs 1,11,100 and Rs 2,31,000 per sq. metre, relying on the placement and property sort.

For residential land of as much as 40 sq. metres, the switch price will begin at Rs 26,700 per sq. metre. Business properties of over 200 sq. metres will now appeal to prices as excessive as Rs 5,84,600 per sq. metre. Business land transfers will see beginning charges of Rs 1,93,400 per sq. metre.

Even when this transfer might decelerate the market, CIDCO maintained that the modifications are important to maintain tempo with rising property values and the price of city improvement.