Buying property here is expensive
Buying property here is expensive"

New Delhi: Buying a property in the national capital Delhi can now become expensive. The Municipal Corporation of Delhi (MCD) has decided to increase the transfer fee by one percent on the purchase of property above Rs 25 lakh in Delhi. This is the first major decision after the merger of three Delhi corporations - North, East and South - last month.

Presently, the transfer fee on sale and purchase of property in Delhi is 3% for males and 2% for females. An official of the corporation has told that after this increase, there will be 4 percent transfer fee for men and three percent for women. The move is aimed at improving the financial position of the corporation. Which has deteriorated badly in the last few years. The situation became more pathetic due to the Corona epidemic. The problem is that even the corporation is finding it difficult to pay salaries to its employees.

According to official sources, a proposal to increase the transfer fee by 1 per cent on properties above Rs 25 lakh was proposed before the Special Officer in the Standing Committee. The proposal was approved by the SO (Special Officer). After the hike, the transfer fee will be 4 per cent for males and 3 per cent for females. According to a recent survey, property prices in Mumbai and Delhi are expected to rise between 4 per cent and 5 per cent this year and next. Apart from this, properties around NCR can also be expensive.

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