Delhi government mulls hiking stamp duty by 1%

After discontinuing the 20 per cent rebate on circle rates on property transactions, the Delhi government is now mulling a 1 per cent hike in stamp duty on property, deeds, bonds, shares etc. A proposal regarding this has been moved by the revenue department, official sources said, adding that if approved, real estate transactions in Delhi will get costlier. Currently, the stamp duty for men is 3% and for women, it is 2%. If the stamp duty increases, men purchasing property, shares, bonds, deeds etc will have to pay 4% stamp duty, while women will have to pay 3% stamp duty. Official sources said that a hike in stamp duty will increase government revenues by Rs 700-800 crore. The government on Thursday discontinued the 20 per cent rebate on circle rates on property transactions, which were first announced last year to revive the economy and help people amid the Covid-19 pandemic. Officials said that the decision was taken after the economy showed signs of revival. Now, people will have to pay old prices while transferring property. Properties in Delhi are divided in different categories, from A-H, with posh areas like Jor Bagh, Vasant Vihar, Safdarjung Enclave etc falling under category A, and least-developed or under-developed areas under category H. Source: The Indian Express