New Delhi: The decision by the Integrated Municipal Corporation of Delhi to increase the transfer fee by 1 per cent on properties above Rs 25 lakh across the city will put additional burden on buyers and adversely affect transactions in the secondary property market. real estate consultant. Buying property in Delhi is set to be costly as the Integrated Municipal Corporation of Delhi has decided to hike the transfer fee by 1 per cent on properties above Rs 25 lakh, official sources said on Wednesday.
After the increase, the transfer fee will be 4 per cent for males and 3 per cent for female buyers.
Commenting on the development, Amit Goel, CEO, India Sotheby’s International Realty, said, “We are at present shocked by the decision of the integrated MCD to increase the transfer fee by 1 per cent on purchases of properties above Rs 25 lakh. This move puts additional burden on property buyers.”
“At a time when home loan interest rates have already started rising and the Reserve Bank has indicated a further hike in policy rates to check extremely high inflation, the decision to hike transfer charges threatens the much-needed recovery of the sector. will put it in.” He added.
Ashutosh Kashyap, Director, Advisory Services, Colliers India, said the proposed hike in transfer charges would increase the transaction cost in transfer cases.
“The move will result in an additional land cost for secondary purchase. The move will marginally add to the attractiveness of purchase of property in the primary market from the developer, which may slightly sweeten the purchase in the primary market,” he said.
Kashyap, however, said the money collected in the account would be better spent with urban local bodies for betterment of infrastructure and civic services within the city.
Currently, the transfer fee on sale and purchase of property in the national capital is 3 per cent for males and 2 per cent for female buyers.
In Delhi, properties are divided into eight categories A, B, C, D, E, F, G and H based on their area location and the Delhi government collects stamp duty on the sale and purchase of properties.
Posh and upscale colonies like Golf Links, Vasant Vihar, Sunder Nagar and Jor Bagh fall under category A and B. Neighborhoods of the middle income group fall under category C and D areas which include localities like Lajpat Nagar, Alaknanda, Bhogal, Amar Colony.
Localities like Geeta Colony, Anand Parbat, Sheikh Sarai come under E, F, G, H category areas. Read also: Will Apple make more devices in India as it starts moving iPad production to Vietnam? All you need to know
Apart from stamp duty, transfer duty is also levied. The hike will be applicable only on transfer duty and will not affect buyers aiming to buy a property worth less than Rs 25 lakh. Read also: ‘Come to the office or leave Tesla’: Elon Musk gives ultimatum to executives
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$("#disqus_thread1" + id).toggle();
};*/
//$(".main-rhs2469493").theiaStickySidebar();
var prev_content_height = $(content_selector).height();
//$(function() {
var layout = $(content_selector);
var st = 0;
///});
}
}
});
/*}
};*/
})(jQuery);