Tuesday, September 27, 2022

municipal corporation: Municipal Corporation of Delhi may hike by 1% transfer duty on property over Rs 25 lakh | Delhi News

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NEW DELHI: In its first joint meeting with the special officer, the unified Municipal Corporation of Delhi (MCD) proposed to increase the transfer duty on purchase of properties priced above Rs 25 lakh in Delhi by 1%.
“The proposal was passed in the standing committee meeting on Tuesday. However, a final approval by the House will be required,” said an official. Once approved by the House, it will be sent to the Delhi government for consideration. An MCD official, however, claimed that as per norms, the corporation didn’t require the government’s consent.
The decision, if implemented, will increase MCD’s collection from the transfer duty from Rs 1,500 crore to Rs 1,900 crore, a source said. The transfer duty is calculated on the registered sale value of a property in addition to the stamp duty. Currently, the transfer duty in the national capital is 3% for men and 2% for women buyers.
This was the first joint meeting held under the amended Delhi Municipal Corporation Act. In the transition phase for MCD, the Centre-appointed special officer holds the power of both the standing committee and the elected councillors till a fresh election takes place.
While the corporation aims to increase its revenue collection, a similar move made by the erstwhile north and south corporations wasn’t implemented by the government’s revenue department. “In September 2020, the proposal was passed by the SDMC House, but the sub-registrar’s office didn’t implement the new rates,” said an official. However, the government didn’t respond to repeated queries.





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