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New Delhi: The Transfer fee on transfer of fixed assets According to officials, there has been an increase of one per cent in Delhi. However, according to an official document released by the Urban Development Department of the Delhi government, this increase is applicable for registration of equipment whose amount exceeds Rs 25 lakh.
The document refers to a notification dated July 10, “regarding increase in transfer fee on transfer of immovable properties”. Delhi Municipal Corporation 2 per cent to 3 per cent in case of female (including third gender) and 3 per cent to 4 per cent in case of male and others (i.e., any other entity) with effect from the date of publication of this notification. ,
This increase is applicable for instruments with registration amount above Rs 25 lakh, but there is no change in transfer fee on instruments with registration amount up to Rs 25 lakh.
The document also states that the authorities have been directed to “facilitate the implementation of the above notification in all the offices of the Sub-Registrars in the GNCT of Delhi with immediate effect”.
Ashwin Chadha, CEO of India Sotheby’s International Realty, reacted to the development in a statement.
He said, the decision to increase the transfer duty “will hit the sentiments of home buyers, as the transaction cost of property including GST, stamp duty and registration is already a huge total amount”.
However, given the strong demand witnessed in the market over the past few years, it is anticipated that though there may be slight hiccups, the market will gradually adapt to this change over time, Chadha was quoted as saying in the statement. can accommodate.
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