The Greater Mohali Area Development Authority (GMADA) has increased the transfer fee of plots in Sectors 81, 88 and 89, Aerocity (SAS Nagar) and Eco City (Mullanpur) from June 26.
Now, GMADA will be charging 2.5% on Rs 25,000 per square yards instead of Rs 12,000 per square yards, which means on 500 square yards plot, the purchaser has to pay Rs 3.12 lakh as transfer fee, which was earlier Rs 1.5 lakh. Earlier, GMADA was charging 2.5% on Rs 12,000 per square yards.
GMADA estate officer Navjot Kaur said the Punjab government had already passed orders two months back for increasing transfer fee, and they were implementing it from June 26.
Chairman of Mohali Property Consultants' Association (MPCA) Shailander Anand said, "Increase in transfer fee will add to our woes. Already, there is a slump in the property market in the region which has severely hit real estate transactions in the city. There are virtually no buyers in the market. This is not a friendly move and we will hold a protest against this decision."
MPCA member JP Singh said, "Even after three years, neither GMADA has not given possession of plots in Aerocity nor it has given any plot number to the successful candidates. Also, the cost of construction has gone high in the past three years, burdening the owners."
New transfer fee
Plot (in sq yards) Now Earlier
200 Rs 1.25 lakh Rs 60,000
250 Rs 1.56 lakh Rs 75,000
300 Rs 1.87 lakh Rs 90,000
400 Rs 2.5 lakh Rs 1.2 lakh
500 Rs 3.12 lakh Rs 1.5 lakh
What is transfer fee?
It is charged when a plot owner sells his plot to another person. The purchaser pays the transfer fee.