Buying a house will now become expensive in Delhi, a one percent increase in property transfer fee proposed

Posted on 1st Jun 2022 by rohit kumar

Now buying property in the capital of the country will become expensive. The reason for this is the decision of MCD to increase the transfer fee levied on the registration of property by one percent. However, this hike will be effective only on the purchase of property valued above Rs 25 lakh.

 

It is being told that after one percent property transfer fee, the revenue of the Municipal Corporation of Delhi is estimated to increase by Rs 1000 crore annually. This will help the corporation to improve its financial condition. This proposal will be sent to the Delhi government for approval. After getting permission from him, it will be implemented.

 

After the MCD came into existence, the proposal was approved in the first agenda meeting chaired by Special Officer Ashwani Kumar on Tuesday. About 15 proposals were discussed in the meeting. At present, the Delhi government charges six percent as stamp duty from men, while four percent from women. In this, the share of MCD is three percent for men, while two percent for women. After the decision to increase the fee, this fee will be four percent for men and three percent for women.

 

It is noteworthy that in the year 2020, the then South Delhi Municipal Corporation had approved the proposal for this increase, but it could not be implemented due to a lack of approval from the Delhi Government. The Northern Corporation had also approved this proposal, whereas in the Eastern Corporation this resolution was not passed. After the merger of the three corporations, the MCD has approved the proposal for this hike to bring uniformity to the fee.

 

Instructions to all departments to increase the sources of revenue

 

The financial position of MCD is not good, as the annual expenditure of the corporation with a revenue of 7,200 crores is nine thousand crores. Not only are the development works hampered, but there is also a problem in paying salaries to the workers. Because of this, the corporation has asked all the departments to prepare a plan to increase the revenue.

 

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