Purchasing property in South Delhi is poised to become more expensive, as the South Municipal Corporation of Delhi (SDMC) has increased the transfer duty by 1% on properties exceeding Rs 25 lakh. The transfer duty is calculated based on the registered sale value of the property, in addition to the stamp duty. The new rates came into effect on September 10.
According to the notice issued by SDMC, the transfer duty has been raised to 4% (from 3%) for properties with a registered value of Rs 25 lakh and above for general buyers, and to 3% (from 2%) for women buyers. However, there is no change in the transfer duty for properties valued below Rs 25 lakh. The proposal has been approved by the House.
Additionally, SDMC has decided to hike the processing fee for installing lifts in Delhi Development Authority (DDA) flats and cooperative group housing societies. The increased rates will apply to A and B category posh colonies like Green Park, Vasant Vihar, Greater Kailash, South Extension, Jor Bagh, and Sunder Nagar, where the fee will rise from Rs 5,000 to Rs 2 lakh. In C and D category areas like Amar Colony, Alaknanda, and Lajpat Nagar, the fee will be Rs 1.5 lakh, and in E, F, G, H colonies such as Chattarpur, Ber Sarai, and Anand Parbat, it will be Rs 1 lakh. The resolution states that the proposed lifts will be installed in common areas maintained by SDMC, and the installation may impose a burden on existing services provided by the corporation.
