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