Buying property in Delhi? You have to pay more on transfer duty, here's why

Representational Image: Zee News

New Delhi: Buying property in Delhi is set to get expensive as the unified Municipal Corporation of Delhi has decided to hike transfer duty by 1 per cent on properties priced above Rs 25 lakh across the city, official sources said on Wednesday. Officials said after the hike, the transfer duty will be 4 per cent for men and 3 per cent for women.

The decision was taken in a meeting on Tuesday where a proposal to increase the transfer duty by 1 per cent was moved.

The proposal was passed by the special officer of the Municipal Corporation of Delhi (MCD), who has been entrusted with the power to run the civic body till the new House is elected.

"A proposal was moved before the special officer incapacity of the standing committee to hike transfer duty on properties priced above Rs 25 lakh by 1 per cent. The proposal was approved by the SO (special officer). After the hike, transfer duty will be 4 per cent for men and 3 per cent for women,? official sources told PTI.

Currently, the transfer duty on the sale and purchase of property in the national capital is 3 per cent for men and 2 per cent for women.