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Transfer Of Properties In Pune May Become Costlier

By Author: Vinay Kumar
Total Articles: 128

Transferring Pune properties resale located in the limits Pune Municipal Corporation (PMC) is set to get costlier as there is a proposal from the civic body to double the transfer charges on Pune properties resale. The move has raised many eyebrows in the real estate Pune as the city has already seen a rise in the ready recknoer rates which have increased the prices of residential property in Pune. 

The current proposal was tabled by the PMC before the standing committee meeting. It is estimated that the majority of the real estate Pune transfers are been done in the 'transfer of property to heir' and 'open occupancy' category.  Currently, the residential property in Pune transfer charges are dependent directly on the property tax charges. So if the an annual property tax of a real estate Pune property is Rs 500 then the fees to transfer residential property in Pune is also currently Rs. 500. If the proposal is agreed upon the new transfer charges on the transferred property would be increased to Rs. 1000.

However, incase property tax amount extends beyond a limit i.e. Rs 500 then the civic body levs an additional charge of Rs 15 on every Rs 100 increase. This additional charge shall also be increased after the proposal is accepted. The additional charges will also be doubled to Rs 30 instead of Rs 15 for every Rs. 100. The civic body has also introduced a new section, under which the property owners of Pune properties resale will have to pay charges for making any changes or corrections in the names or surnames of the owners of the property.

Currently PMC collects around Rs 15 crore annually from such property transfers. The civic administration hopes that this move will help them earn an additional revenue for the department. Also it must be noticed that the property transfer charges have not been increased for the last 15 years. And since these charges are a one time cost the PMC feels that the move would not pinch the general public at large.

Since property tax is one of the major sources of income for the PMC. The civic body is always looking at ways to improve the income generation for the department. Currently the civic body has also taken several concrete steps to ensure recovery of property tax dues from various commercial as well as residential properties in the PMC limits.

Prospective buyers can search for properties in India and residential Pune properties resale at Makaan.com, India's fastest growing real estate India site. Our website has a comprehensive list of property in India.

Total Views: 138Word Count: 430See All articles From Author

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