Property transfer duty hike by 1% above Rs 25 lakh: Civic body
Real Estate

Property transfer duty hike by 1% above Rs 25 lakh: Civic body

Buying properties in Delhi will get expensive as the Municipal Corporation of Delhi (MCD) has decided to hike the transfer duty by 1% on properties priced above Rs 25 lakh.

Officials told the media that after the price hike, the transfer duty would be 4% for men and 3% for women buyers.

It aims to improve the financial health of the municipality, which has been hit severely due to the Covid-19 pandemic.

It had been the first major decision after the three civic bodies north, east, and south, unified last month.

It was decided in a meeting with a proposal to increase the transfer duty by 1%. The proposal was approved by the special officer of the MCD.

Currently, the transfer duty applicable on the sale and purchase of property in Delhi-NCR is 3% for men and 2% for women homebuyers.

This initiative will increase revenue share and strengthen MCD's offers to overcome the financial challenges and provide the best services to the people.

The authorities said the surge in transfer duty would affect only those buyers who will purchase property or have a registered value above Rs 25 lakh.

According to the civic officials, transfer duty is collected in addition to the stamp duty.

The price hike will be applicable only on transfer duty, and it will not affect homebuyers aiming to purchase properties below Rs 25 lakh.

Image Source

Also read: Delhi government to hike circle rates by 30% in posh localities

Buying properties in Delhi will get expensive as the Municipal Corporation of Delhi (MCD) has decided to hike the transfer duty by 1% on properties priced above Rs 25 lakh. Officials told the media that after the price hike, the transfer duty would be 4% for men and 3% for women buyers. It aims to improve the financial health of the municipality, which has been hit severely due to the Covid-19 pandemic. It had been the first major decision after the three civic bodies north, east, and south, unified last month. It was decided in a meeting with a proposal to increase the transfer duty by 1%. The proposal was approved by the special officer of the MCD. Currently, the transfer duty applicable on the sale and purchase of property in Delhi-NCR is 3% for men and 2% for women homebuyers. This initiative will increase revenue share and strengthen MCD's offers to overcome the financial challenges and provide the best services to the people. The authorities said the surge in transfer duty would affect only those buyers who will purchase property or have a registered value above Rs 25 lakh. According to the civic officials, transfer duty is collected in addition to the stamp duty. The price hike will be applicable only on transfer duty, and it will not affect homebuyers aiming to purchase properties below Rs 25 lakh. Image Source Also read: Delhi government to hike circle rates by 30% in posh localities

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code