The City and Industrial Development Corporation (CIDCO) has announced an increase in property transfer fees across Navi Mumbai, a move expected to affect both residential and commercial real estate transactions in the region.
Effective from Tuesday, the revised fee structure sees an increment of 5 to 10 percent, depending on the size and type of property, with a notable 50 percent hike on transfers of flats in registered housing societies and commercial properties. These changes are expected to impact property transactions in areas such as Airoli, Ghansoli, Koparkhairane, Vashi, Sanpada, Juinagar, Nerul, CBD Belapur, Kalamboli, Kharghar, Panvel, and Ulwe, among others.CIDCO officials confirmed that the decision was made during a recent board meeting, with the new rates set for the current financial year. The hike aligns with current market trends and ongoing infrastructure development across the region, which has seen significant growth in both residential and commercial sectors. The fee increases are being positioned as a necessary adjustment to reflect the rising property values in Navi Mumbai, driven in part by large-scale infrastructure projects and increasing demand in these fast-developing areas.
Under the new structure, residential property transfers for units up to 20 square metres will incur fees ranging from Rs 27,000 to Rs 77,000 per square metre. For larger properties exceeding 200 square metres, the transfer fees will now range from Rs 1,11,100 to Rs 2,31,000 per square metre, depending on the location and type of property. Commercial properties will face even steeper charges, with transfers of spaces over 200 square metres attracting fees as high as Rs 5,84,600 per square metre. The transfer fee for commercial land will start at Rs 1,93,400 per square metre. Despite these increases, CIDCO assures that those who have already applied for property transfers before April 1 will not be affected by the new fees.The latest revision is seen as part of CIDCO’s broader effort to keep pace with market dynamics and the rising cost of urban development. While some industry observers predict that the hike could slow down property transactions in the short term, others believe that the impact will be minimal, particularly given the ongoing demand for real estate in Navi Mumbai.
Experts argue that the increased fees could push buyers and sellers to reassess the financial viability of transactions, particularly in commercial sectors and larger residential developments.The 50 percent increase in transfer fees for flats within registered housing societies and commercial properties is likely to generate mixed reactions. On one hand, CIDCO justifies the hikes as necessary to ensure that the region’s development continues sustainably, particularly with the expansion of infrastructure such as roads, railways, and utilities. On the other hand, some real estate analysts warn that such increases may make Navi Mumbai’s housing market less accessible for middle-class families, particularly in light of the already high cost of living in the area.
However, CIDCO has remained firm on the need for these adjustments, highlighting that the region’s growing infrastructure demands and market changes necessitate such measures. Despite the increases, CIDCO also points out that the revised fees are still lower compared to other developed regions in India. The changes reflect the organisation’s attempt to balance growth with affordability, while also funding the continuing urban development required to support Navi Mumbai’s burgeoning population.As the real estate market continues to evolve in Navi Mumbai, these fee hikes underscore the growing role of urban governance in shaping property transactions and their long-term sustainability. While some may view the fee hikes as a financial burden, they also signal the city’s ongoing efforts to modernise its infrastructure and adapt to the changing demands of urbanisation. In the coming months, how property buyers, developers, and sellers respond to these changes will be critical in determining the future trajectory of the region’s real estate market.
