The Surcharge Policy has been announced by the smart city management. According to this policy, the society is going to implement heavy fines on members who have not cleared their dues/installments up till 2nd July 2024. Additionally, this Surcharge Policy is the very first and an impactful notification released after the landmark achievement of the Capital Smart City Interchange(providing an easy Slip In/Slip Out from the M2 Motorway).
It is pertinent to mention here that the surcharge policy for Residential and Commercial, was actually announced in August 2023, but it was postponed till 30 June 2024. This decision was made by the society to allow members to have a whole year to easily clear all their dues. Now it is being re-implemented, let us get into the details of this policy, the blocks on which it is implemented, and further details regarding it.
Last Date for the Submission of Pending Dues
As per the official notification, the Surcharge Policy for residential and commercial, the last date to clear all your pending dues or installments is 2nd July 2024. It is clearly stated by the management that this date shall not be extended any further, and failing to clear dues by this date will result in you paying all the surcharges as mentioned in the policy. Additionally, the dues paid after the mentioned deadline will be subject to new tax rates.
Charges Included in the Surcharge Policy
As per the society’s policy, the installments paid after the mentioned deadline will be subject to a fine of 1.5% per month or 0.05% per day. Moreover, the charges included in the Surcharge Policy include:
- Prime Location Charges
- Development Charges
- Cost of Land Charges
Applicability of Capital Smart City Surcharge Policy
The Surcharge Policy for Residential and Commercial includes multiple blocks around the society. So it is clearly stated in the notification that all the members having their plots/property in any of the below listed residential blocks or commercials are required to submit their pending dues. These include:
- Overseas East
- Overseas Prime
- Capital Smart City Overseas Prime 2
- Overseas Central
- Harmony Park Overseas East
- Harmony Park Overseas Central
- Lake View Commercial
- Villa Apartments
- Smart Villas
Block Excluded from Surcharge Policy
According to the notification, the Executive Block is the only residential block on which the surcharge policy is NOT applicable as of now.
Best Way to Bypass Capital Smart City Surcharge Policy
Worried about the recent surcharges? Dont Worry! Makaan Solutions always comes up with the best solution to customers’ problems. Just get in touch with CSC Authorized Platinum Sales and Media Partner, Makaan Solutions, to help you in dues clearance, or to bypass the surcharge policy in the most budget-friendly and easiest manner.
You can also visit the society’s official website, or call the official helpline number to get detailed guidance regarding the pending installments.
Misconception about the Surcharge Policy
Capital Cmart City’s surcharge policy has been misconceived by some of the members regarding the balloted yet non-possessionable plots. To save yourself from any kind of further charge or delay in due clearance, it is important to understand this in the following manner:
- The surcharges apply to ALL the residential or commercial blocks that have been stated in the notification, as they all are balloted and are under development.
- As for the term non-possession able plots, as mentioned in the notice, only those plots that are under litigation or society has not acquired the land, are to be included in this category, to which the surcharges will NOT be applicable.
Capital Smart City Transfer Fee Policy
The management has also revised the transfer policy from 2022 to 2023. The canceled and blocked file holders with payment 21%-35% can retain their properties by making 50% payment before 15th September 2023.
The remaining 50% payment will be payable in one year following the development charges update. Therefore, the members can benefit from the transfer policy updates.
Transfer Policy 2023
- Transferring 2017 active plots is possible with the clearance of all pending dues.
- A 65% payment is necessary for the transfer of 2018 active plots.
- A 50% payment must be made for the transfer process of 2019 active plots.
- 3 quarters of the payment must be paid for the transfer procedure of 2020 active plots.
- 2 quarters of payment are needed for the relocation of 2021 active plots.
- A 20% payment must be made to transfer the plots of 2022 and 2023.
- The non-canceled open commercial files (Before 31.12.2022) will be transferred on making at least 60% payment.
This transfer policy is valid from 5th August 2023 to 31st March 2024. The members are requested to follow the surcharge refund policy.
Transfer Policy 2024
- All dues must be paid for the transfer of 2017 active plots.
- 2018 active plots will be relocated on an 85% payment.
- The 2019 active plots will be transferred with a 65% payment.
- 2020 active plots can be transferred easily on 50% payment.
- 2021 active plots transfer is possible with 3-quarters payment.
- 2 quarter payments must be paid for the relocation of 2022 plots.
- A 20% payment is payable for the transfer of 2023 plots.
- 75% is necessary to transfer open (before 31.12.2022) commercial files.
This transfer policy applies from 1st April 2024 to 31st December 2024. The surcharge rates have been eliminated.
Surcharge Policy: A Critical Analysis
The Surcharge Policy is blessing in a disguise. The postponement of the surcharge policy last year created a sense of relief and leniency for the customers.
Also, since the development, the management has proved itself to be the most trusted and reliable developer offering the most top-notch services in the real estate market.
However, the current implementation of the surcharge policy may result in a downfall for society itself as the customer base may decrease, an increased financial burden, and a decline in the expected profit margin for members. Moreover, the expected benefits of the dedicated Interchange shall also not come forward as it was expected.
Conclusion
The surcharge policy is widely being discussed in the market. Although it is relatively a hard choice made by the management, the overall purpose of this policy is to smoothen the payment procedures and to bring forward transparency for the deserving members.
Capital Smart City Surcharge Policy Update
Please feel free to reach out to Makaan Solutions for further assistance and details about Capital Smart City Surcharge Policy Update. Our 24/7 customer service is always available to help you Choose and Book your dream property.
