CHB panel recommends 50% cut in transfer fee

Ramkrishan Upadhyay

Tribune News Service

Chandigarh, August 17

In what is being termed as a relief for residents, the panel of the Chandigarh Housing Board (CHB) has recommended reduction in the fee for the transfer of properties by up to 50 per cent.

Sources said the report of the committee would be tabled in the next meeting of the Board of Directors for its approval.

The CHB had formed the committee comprising officers and members of the board to see to it if the transfer fee could be reduced.

The demand for the fee reduction was raised by various Resident Welfare Associations. Sources said the committee had now submitted its report to the chairman of the board.

The CHB charges the fee notified by the Chandigarh Administration for different types of the residential properties.

About 15 per cent of the revised consideration money is being charged in case of consensual transfer, while 2.5 per cent of the consideration money is being charged in case of the transfer in favour of a person in blood relationship. About 2.5 per cent of the money is being charged for the addition/deletion of the name of the spouse. In case of commercial properties, the CHB charges 7 per cent of the market value evaluated by three independent evaluators on a yearly basis or Rs 7 lakh, whichever is higher for each transaction or as notified by the Chandigarh Administration. The transfer fee for the general power of attorney is charged differently. JD Gupta, property consultant, said the recommendation would provide relief to the residents, who were paying a hefty sum.