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Gupta has, however, demanded the original ratio of five and three in the total levy of the proposed transfer duty and stamp duty be maintained.
“The 2010 Commonwealth Games are approaching and little time is left for carrying out the required development works. The Delhi government will be receiving nearly Rs 8,000 crore for various works under the JNNURM. It is important that this issue be resolved immediately and the share of the MCD be handed over so that development works can be initiated,” Gupta added.
According to Gupta, the Urban Development Ministry has said the stamp duty and transfer duty together be kept at 5 per cent and the Delhi government has insisted the MCD reduce the rate of transfer duty from three to 2.5 per cent.
“We have recently fixed the rate of transfer duty for men at 3 per cent and 2 per cent for women. At this stage, the MCD is already facing an acute financial crisis. To further reduce the transfer duty will adversely affect development works as well as civic amenities. The Delhi government has enough financial resources and the Ministry of Urban Development’s decision to reduce the levy of stamp duty and transfer duty shall be borne by the Delhi government,” he added.
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