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New Delhi: Property prices in the city are likely to go up soon once the Delhi government approves Delhi Municipal CorporationTransfer fee on sale of MCD properties is proposed to be increased by 1 per cent. This increase will apply to all properties worth more than Rs 25 lakh.
A government official said, “We have approved the proposal sent by the MCD and sent back the file.” While an MCD official said the civic body is yet to receive the file, he also pointed out that a gazette notification would also need to be issued by the Delhi government and sub-registrars would be informed by their divisional commissioners before the change is made. Will happen. can be implemented.
Transfer fee is calculated on the registered sale value of a property and is charged in addition to stamp duty. The proposal sent to the Delhi government included increasing the MCD’s share in transfer duty from the existing 3% to 4% in case of male buyers and from 2% to 3% for females. Last year, the proposal was approved by the special officer and municipal commissioner for the enhancement and sent to the Delhi government for approval after the integration of the three civic bodies.
“If the cost of a property is around Rs 1 crore, the net increase in transfer fee will be Rs 1 lakh. However, there will be no change.” transfer fee for properties With a registered value of less than Rs 25 lakh,” the official said.
On the need to increase the rate, a civic official said, “We have not made any changes in the last decade and the corporation has the power to levy 5% transfer fee. The fee is one of the main sources of income. MCD. To improve our financial position, we need to take steps to increase revenue collection.”
Prior to the unification in May 2022, both the then South and North Corporations attempted to increase the transfer duty, but the proposal remained stuck at the level of the Delhi government.
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