navimumbai realestate
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In a recent development, the Maharashtra Govt has extended the lease of CIDCO plots for 99 years in Navi Mumbai, Nashik and Aurangabad area. The notification was released by the government recently which said that those who wish to avail the benefit of the scheme have to pay one-time premium to the authority.

According to the notification, the government has finalized the premium rates for each plot size separately. For instance, for the residential plots up to 25 square metres, the owner has to pay a premium of 5% of the reserve price of CIDCO for that area, in the same way for plot size 50,100 and above 100 square metres, the premium will be 10%, 15%, and 20% respectively.

Furthermore, for commercial plots of size 200 and above 200, the premium rate has been decided as 20% and 30% of the land cost respectively.

As per the govt. sources, this decision will be beneficial to five lakh families living in the premises of Navi Mumbai Municipal Corporation (NMMC) area. Earlier the plots here are given for a lease period of 60 years. Also, during every sale-purchase transaction, residents or property owners have to pay a transfer fee of 75,000 to 1, 50,000 to CIDCO apart from stamp duty.

Also, for other smaller issues like home loan transfer or redevelopment of old buildings, RWAs or residents have to face many legal problems due to lesser lease period.

The state Govt’s move has been welcomed by all the land and property owners who are living in these areas. According to them, with this approval, such minor issues will be solved easily and the residents will be able to keep themselves away from any legal hassles.