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Incidental Expenses while selling Real Estate in Mumbai, India
Incidental Expenses while selling Real Estate in Mumbai, India

Incidental Expenses while selling Real Estate in Mumbai, India

Incidental Expenses while selling Real Estate in Mumbai, India

The below article contents are most suited for Selling properties in Mumbai, Thane and Navi Mumbai as the same are based on local laws and market practices.

1.Transfer Fees – Usually the same is Rs.25,000/- and in most cases, the same is equally shared between the Buyer and the Seller unless agreed upon in the manner decided mutually between the buyer and the seller.

The Interesting part here is that the above is pretty common in most of the societies, however, a lot of societies, owing to the lot of expenses they have, they try and request the outgoing member to give a donation to the society, which is a very usual practice in Mumbai, Thane, and Navi Mumbai. This amount can be any amount decided by the Society in the General Body Meeting.

The Second part here, in the absence of the Society, where the Builder/Developer is present, the Developer also can levy transfer fees at his discretion. A lot of developers do intimate you well in advance about this and a lot do not, hence while buying property it is very important to clear the resale transfer fees.

It is been heard in the market, where the property appreciation is more than 100% over recent years, the developers have requested for amounts even up to 5% of the apartment value as Transfer Fees. This is something which the buyer should take care of.

2.Long Term Capital Gains or Short Term capital Gains.

The seller needs to ascertain his capital gains if he falls under Short Term Capital Gains or Long Term Capital Gains.

3.Stamp Duty and Registration

This expense is paid by the New Buyer.

Sandeep Sadh

CEO – Mumbai Property Exchange.com

About Sandeep Sadh

Mumbai Property Exchange is promoted by Mr.Sandeep Sadh who has been in the real estate business since the year 1993 and has an experience in transacting in Residential Lease & Sale, Commercial Lease & Sale. The experience of transacting and having a practical approach at work in each segments of real estate has given Mumbai Property Exchange an edge over its competition.

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