No Mortgage Fee on New Projects Likely

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The Municipal Administration and Urban Development (MAUD) on approval with the stamps and registration departments are planning a proposal to scrap the one percent mortgage fee levied on builders undertaking new projects.

As per the current norm, 10 percent of the built up area has to be kept as mortgage with the municipal body by the builder till the project is completed. After the project completion, the municipal authorities inspect the property for any deviations and then release it. The builders should also pay a fee to the registration department at the time of mortgage. This is 0.5 percent of the total value of the mortgaged property. They also need to pay the same amount again during release of the property after completion. However, certain builders admit the proposal and say that it is only meant to ensure that they abide the design of construction.

Source: Times of India

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