Post hike the transfer duty will be 4% for men and 3% for women buyers.
According to real estate consultants, the Unified Municipal Corporation of Delhi decided to hike transfer duty by 1 percent on all the properties above Rs.25 Lakh across the city. This decision is made to put an extra burden on home buyers.
Post hike the transfer duty will be 4% for men and 3% for women buyers.
Amit Goyal, CEO, India Sotheby’s International Realty, said, “We are surprised by the decision of the unified MCD to increase transfer duty by 1 percent on the purchase of properties priced above ₹25 lakh at this juncture. This move puts an additional burden on the property buyers.”
“At a time when home loan interest rates have already started inching up and the Reserve Bank has indicated further in policy rates to tame the stubborn inflation, the decision to enhance transfer duty will jeopardize the much-needed recovery of the sector,” he further commented.
Ashutosh Kashyap, Director of Advisory Services, Colliers India, claimed that the transfer charges would increase the incidence of transaction cost on transfer cases.
He commented “This move would imply an additional land cost for secondary purchase. This move wi marginally add to the lucrativeness of property purchases in the primary market from the developer, which might slightly sweeten the purchase in the primary market,”
He also informed that the money collected on account will be used to fund better infrastructure and civic services within the city.
This hike will not impact the buyers aiming to purchase properties below Rs.25 lakh.
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