In June 2023, reportedly the Goa government had issued a notification to increase the levy on sale and transfer of flats and plots in housing societies. The proposed hike is 4% of the market value is to be paid each to the societies and to the government. These are additional charges besides the mandatory stamp duty that the parties pay for registering the properties.
The existing stamp duty is 3% for properties less than Rs 50 lakhs, 4.5% for those between Rs 50 lakh and Rs 1 crore, 5% for those above Rs 1 crore and 6% for properties exceeding Rs.5 crore. In addition there is provision in the Society’s bye-laws to charge 1% of the market value of the properties. Once the notification becomes a law the buyer and/or seller needs to shell out 9% to 15% (depending on the value of the property) for registration and transfer processes.
Was the notification published in mainstream newspapers? Had it been done, then people would not be as surprised and shocked as now. Are not the registration department with its 12 offices of Civil Registrars-Cum-Sub-Registrars entities of the Goa government? If so, why pay twice to the government? Once as stamp duty and the new levies, if implemented. Most importantly, are the proposed levies applicable to cooperative housing societies and to cooperative housing maintenance societies? There are some differences in the mode of operations of both these societies. It would be informative if the government clarifies these vital points.
