To standardise revenues to the state from sale of homes in cooperative housing societies, the government amended the Goa Co-operative Societies Rules, 2003, to fix a new rate of fee and premium to be paid on the transfer of shares and occupancy rights in housing societies.
According to the revised Goa Co-operative Societies (Fifth Amendment) Rules, 2024, the transfer fee on applications made for transfer of shares is now at flat Rs 2,000 to the society.
The amount of premium to be paid to the society is fixed at 2 per cent of the market value of the plot of land, housing unit, or commercial unit as on the date of effecting transfer of share.
Also, the society will have to pay Rs 10,000 to the government out of the premium amount collected. The Rs 10,000 will have to be deposited by the concerned society through an e-challan directly to the government treasury within 15 days from the date of receipt of the premium from the member and the e-receipt must be submitted to the office of the Registrar of Cooperative Societies (ROC).
The new transfer fee and premium rates are with immediate effect. Any transfer in the share in contravention of the government notified rates will be considered as null and void.
If the society fails to deposit the Rs 10,000 in the government treasury within the specified 15 days, then the amount shall be recovered by the Registrar along with interest at the rate of four percent as arrears of land revenue, says the notification signed by Arvind V Bugde, Registrar of Co-operative Societies.
Six months back, the government had hiked the premium rate for transfer of shares in a cooperative housing society to 4 per cent (of the market value of the flat,) of which 2 per cent had to be paid to the society and 2 per cent to the state treasury.
However, after stakeholders comprising the CREDAI- Goa, the GCCI, real estate agents, etc., complained of the adverse impact on housing sales, the government decided to lower the premium. Subsequently, the draft notification on the new transfer fee and premium was announced on 1st February 2024 and kept open for 15 days for suggestions from the public.
Rajesh Shet, President, CREDAI-Goa said that the new fee and premium rates will increase income to housing societies and also generate revenue for the government.
