01 , June , 2022
The unified Municipal Corporation of Delhi has decided to hike transfer duty by 1 per cent on properties priced above Rs 25 lakh across the city, which will make property buying in Delhi expensive. The decision was taken in a meeting on Tuesday where a proposal to increase the transfer duty by 1 per cent was moved.
Currently, the transfer duty on sale and purchase of property in the national capital is 3 per cent for men and 2 per cent for women. Post the hike, the transfer duty will be 4 per cent for men and 3 per cent for women respectively.
The proposal was passed by the special officer of the Municipal Corporation of Delhi (MCD), who has been entrusted with the power to run the civic body till the new House is elected.
The municipality has been hit severely in past years especially due to Covid-19 pandemic and undoubtedly, this move is aimed at improving the financial health of the municipality. It is a first major decision after the three civic bodies - north, east and south - were unified last month.
“A proposal was moved before the special officer in capacity of the standing committee to hike transfer duty on properties priced above Rs 25 lakh by 1 per cent. The proposal was approved by the SO (special officer). After the hike, transfer duty will be 4 per cent for men and 3 per cent for women,” official sources told PTI.
As per the sources, the properties are divided into eight categories A, B, C, D, E, F, G and H depending on their area location and the Delhi government collects stamp duty on sale and purchase of properties.
Posh and upscale colonies such as Golf Links, Vasant Vihar, Sunder Nagar and Jor Bagh fall in the category of A and B. Middle income group neighbourhoods which includes localities like Lajpat Nagar, Alaknanda, Bhogal, Amar Colony, among others fall in the C and D category areas.
Localities such as Geeta Colony, Anand Parbat, Sheikh Sarai fall in E, F, G, H category areas.
Civic officials said transfer duty is collected in addition to the stamp duty.
(WITH INPUTS TAKEN FROM PTI)
