Transfer charge on property in Delhi has been increased
The purpose of increasing the transfer charge is to improve the financial condition of the corporation, which has deteriorated badly in the last few years, especially due to the COVID-19-pandemic. The problem is that the corporation is also finding it difficult to pay salaries to its employees.
Municipal Corporation of Delhi (MCDTransfer charge on purchase of property above Rs 25 lakh in the national capital (Transfer Charge) has decided to increase the percentage by one percent, which will make buying properties in the capital expensive. Official sources gave this information on Wednesday. Officials said that after this increase, the transfer charge for men will be four percent and for women, three percent. The move is aimed at improving the financial condition of the corporation, which has deteriorated badly in the last few years, especially due to the COVID-19 pandemic. The problem is that the corporation is also finding it difficult to pay salaries to its employees.
This is the first major decision since the amalgamation of the three corporations – North, East and South – of Delhi last month. This decision was taken in a meeting held on Tuesday, in which a proposal to increase the transfer charge by one percent was presented. The resolution was passed by the Special Officer of the Municipal Corporation of Delhi (MCD), who has been given the authority to run the corporation till a new house is elected.
Now you will have to pay this much transfer charge
Official sources told PTI-language, as a standing committee, a proposal was made before the special officer to increase the transfer charge by one percent on properties worth more than Rs 25 lakh. The proposal was approved by the SO (Special Officer). After the hike, the transfer charge will be 4 percent for men and 3 percent for women. At present, the transfer charge on sale and purchase of property in the national capital is three per cent for men and two per cent for women.
Impact on sales of these homes
“This move will increase the earnings of the corporation and strengthen the treasury of MCD, which will be used to overcome financial challenges and provide best services to the people,” the officials said. Officials said the increase in transfer charge would only affect those buyers who would buy a property with a registered value of more than Rs 25 lakh. The properties are divided into eight categories A, B, C, D, E, F, G and H on the basis of their area and the Delhi government levies stamp duty on the sale and purchase of properties. Officials said that the transfer charge is separate from the stamp duty. The decision to increase the transfer charge was taken on 31 May. Real estate experts are expressing surprise over this decision. He says that this will affect the real estate market.
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