What are the costs incurred while purchase of a resale cidco flat in Airoli, Navi-Mumbai?

Q: I would like to know the net cost for this purchase including all applicable expenses like registration, Stamp duty, Brokerage, Cidco transfer fees, Society charge etc.

Parikshit padture,

8th September 2014

Buying property in Navi Mumbai

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documents required for buying cidco flats

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Replies (12)

If builder give wrong name to society and flat register in others name . Then what to do get name in Cidco ?

Mohammadshakeel,

21st October 2016

Comment

Hi friends!!
You should check out all these documents for resale of Cidco flats by one person to another. You have to ask for the following documents:-1) Original deed of apartment between vendor and applicant with registration receipt, 3) registered agreement for sale between vendor and applicant with registration receipt, 4) NOC from CIDCO for transfer of vendor's rights in favour of applicant and for mortgaging property to concern bank, 4) NOC from Association of Apartment Owners and 5) Original Allotment Letter of Vendor.

AK Jain, Mumbai

29th June 2016

Comment

Hi,
I want to know that is NOC from CIDCO required for transfer of housing membership of a re-sale flat in kharghar ?

Shobha Bharadwaj, Mumbai

29th June 2016

Comment

Hello Sobha,
If you buy any property in Navi Mumbai, you are liable to pay transfer charges to CIDCO, when you buy from the builder as a first purchaser,you are not liable for transfer charges. Because all land in Navi Mumbai belongs to CIDCO. They only give land on lease (long lease) and hence they are like a giant landlord. And you have to take NOC from CIDCO without which you can not sell your property to anyone.

Gangasagar Patil, Mumbai

29th June 2016

Hi all,
According to me home buying plans can derail the family's financial planning and put a risk to all other goals. In most of the City, the minimum price of 800-1000 sq-ft house is Rs 80 lacs-1 crore. You will have to pay up all your existing investments (fixed deposits, stocks, equity funds and even the Provident Fund) to raise about Rs 16-20 lakh for the downpayment. The balance Rs 80-84 lakh, if borrowed at 10% for 20 years, it means an EMI of Rs 72000-77200, which is roughly 60% of your combined monthly income of Rs 1.3 lakh. Either you will have to stop saving for your child's goals or your retirement will have to be pushed back.

Arushisha, Mumbai

15th July 2015

Comment

Right Arushisha,
In spite of the rush in buyer sentiment, real estate is still not a good investment in most parts of the country. Property price are still very high and despite the recent interest rate cuts, the cost of borrowing has not come down significantly. For potential borrowers , a 15 basis point will shave off Rs 800 from the EMI of a Rs 80 lakh loan for 20 years. Is that a big enough reason for them to make the largest financial commitment of our life?

Shaunak Verdla, Mumbai

15th July 2015

Really an eye opener, the home loan EMI should be around 40% of your net household income. But that is if you don't have other loans. A high EMI outgo can put your household budget under pressure.

Arushisha, Mumbai

15th July 2015

Very true Arushisha,
But household expenses are absolutely essential, not goals. So household expenses are taken care of first and then the goals are determine. This extra feeds several goals, but all of them will get pushed out of the plan if the home loan also finds its way in.

Shaunak Verdla, Mumbai

15th July 2015

Hi all,
There is little scope for the uninitiated to be aware of all the costs while buying a home. In fact, the expenses incurred during the initial period of a property transaction can add as much as 10% to 12% to the overall cost of the property, or of the total amount of the home loan 5% towards stamp duty, and between 5% to 7% for the added charges.

Niyati Juthali, Mumbai

24th June 2015

Comment

Hi everybody,
I am planning to buy a flat in Airoli, building is around 10-12 years old. They got their society registered last month (march 2015) , but there is no cidco transfer available. Can CIDCO transfer be done after few months?

Manilal Patel, Mumbai

15th May 2015

Comment

Hi Mani,
If OC is in place and society is formed then the building is legal...but without CIDCO Transfer, no bank will give you a loan except DHFL and GIC and other Co operative bank. If you dont need a loan, you can go for it. You will have to pay CIDCO transfer when the convyeance is done.

Chintakpujara, Mumbai

15th May 2015

Thanks all for the above explanation facts and procedure........
I need to know suppose we have difficulties to collect all Index-II and stamp duty paid receipt. Is there any way to get all Index-II in one go from registrar office? or registry office will not handover Index-II to society? I need your help on my queries? Other documents are general in nature, we can go to several offices and ask for those documents but Index -II is individual document in nature.

Sankalp, Mumbai

23rd February 2015

Comment

Hi Sankalp,
The Index -II documents are available in the respective Sub- Registrar's Offices where the Registration Took place in case of your Society they would have normally taken place at One Registration Office and location would have changed when the jurisdiction was changed subsequently.

Abhishke Karule, Mumbai

23rd February 2015

In case C- Where CIDCO has given Land on lease to builders 1) Agreement to lease (with blank form of lease deed attached) between CIDCO and builders, 2) Commencement letter for construction i.e. Sanction letter from NMMC town planning/building proposal dept, 3) NOC from CIDCO & Builders for mortgaging property to a bank, 4) Registered agreement for sale between builders and flat purchaser alongwith Registration receipt of the agreement, 5) Receipts of payments made to builders. He has to provide you this for every payment made to him before,during and after purchase, 6) NOC from builders in prescribed format and 7) Blue print of architects plan with sanction/approval from NMMC building proposal dept.

Lalit Verma, Mumbai

23rd January 2015

Comment

In case B- Where CIDCO has given Land to individuals and the individual constructs the House. This is applicable only to a house on an independent plot.The house should already be constructed.
1) Agreement to lease (with blank copy of lease deed format) between CIDCO & applicant, 2) Blue print of building plan approved by CIDCO or NMMC, 3) NOC from CIDCO for taking loan for purchase of the property 4) Architects detailed estimate for Construction of house, 5) Development Agreement, 6) Proof of allotment of Plots to adjoining Plot holders and their NOCs for construction of common walls by the applicant, 7) Affidavit of not letting the House partially or wholly and 8) CIDCO or NMMC commencement Certificate for construction.

Lalit Verma, Mumbai

23rd January 2015

Comment

Hi Lalit,

Wanted to know, in case of resale of a flat in kharghar (in a the building, which was constructed on a plot, based of tri-party agreement ), and the compensation is fully paid to the seller, without any bank loan. So, is a NOC from CIDCO required for transfer of housing society membership to the new owner ?. i

Manoj Puthran,

12th February 2016

Documents required for flat purchase in Navi Mumbai :- Case A - where the party directly purchases flats/home from CIDCO in building made by CIDCO 1) Allotment Letter, 2) NOC from CIDCO, 3) Receipt of payments made to CIDCO, 4) No Valuation Report required, 5) No Title Clearance/Search Report needed 6) Sale agreement and sale deed between the owner and CIDCO.

Lalit Verma, Mumbai

23rd January 2015

Comment

For example,
If the basic cost of the flat is Rs. 1.5 Cr then include Rs. 20 lacs as additional charges including all which have mentioned above and the net cost will be around Rs. 1.7 Cr.

Ashish Sharma, Mumbai

9th September 2014

Comment

Hi,
Typically, while buying a house, one suddenly realizes that the budget has gone out of control completely because additional costs have to be incurred. Let's look at these different costs in a real estate transaction.
Basic costs,
Stamp Duty: 5% - varies across states,
Brokerage: 2%,
Parking charges: Rs 3-10 lakhs,
Water connection and electricity deposit,
Maintenance: Rs. 5-15/sq-ft. and upwards depending on the type of property,
Legal fees and litigation costs,
Interest cost: If you have taken a home loan,
Wear and tear,
Registration charges: Rs 0.3 lakhs,
Home Insurance etc.

Arup rajan, Mumbai

9th September 2014

Comment