Goa: New property buyers to pay 2% of rate to housing co-operative society as premium

February 1, 2024

PANAJI: Ahead of the state budget, government has come up with a new revenue stream, but this could make purchasing apartments in co-operative housing societies a bit more dearer. Buyers will have to pay 2% of the value of the plot or dwelling unit as premium to the housing society.

Out of the premium collected, housing societies will have to pay Rs 10,000 to government from the premium amount while transferring the shares and occupancy rights of a plot of land, housing unit or commercial unit.

The amount of Rs 10,000 has to be deposited by the housing society through an e-challan directly into the government treasury within 15 days of the purchase paying the premium amount. The e-receipt has to be submitted to the registrar.

“Any transfer of share or interest of the member approved by the society in contravention of these norms shall be ab-initio null and void,” said registrar of co-operative societies Arvind Bugde.

The change is part of the draft Goa Co-operative Societies (Fifth Amendment) Rules, that were notified this week.

Homebuyers already have to pay a fixed transfer fee of Rs 2,000 to the co-operative housing society along with a 1% premium to the housing society.

“If the society fails to deposit the amount in the government treasury, such amount shall be recovered by the registrar of cooperative societies from the society, along with interest at the rate of 4% as an arrears of land revenue,” said Bugde.

The government has kept a mere 15 days for locals to object to the draft rules.

  • Published On Feb 1, 2024 at 09:32 AM IST

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