Friday, November 11, 2011

Delhi Government Revises Circle Rates Property Prices to Go Up

Delhi government today revised the circle rates for sale and purchase of properties in the capital, effecting a substantial increase for all colonies across the city, which may result in rise in property prices.
The Delhi cabinet, presided over by chief minister Sheila Dikshit, has fixed Rs9,000 per square metre as the lowest rate while the upper limit will be Rs1,25,000 per sq m.
The circle rate is the minimum rate for valuation of land for residential use that differs for various categories of colonies.
The cabinet also decided to do away with fixing the rates based on categories of colonies decided by the MCD and prepared a fresh list of 2,480 colonies for which rates have been finalised considering the available infrastructure and other parameters.
As per the revised rates, Rs1.25 lakh per sq m has been fixed for posh colonies like Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave, Anandlok, Green Park, Hauz Khas and Nehru Place.
Currently, the circle rate is Rs43,000 per sq m for posh colonies falling in category A.
"We have decided to abolish the existing eight categories of colonies. The Revenue department has identified 2,480 colonies for which the new rates have been fixed," chief minister Sheila Dikshit said.
The new circle rates will be fixed according to the properties falling under various categories.
The cabinet has increased the minimum circle rate of Rs6,900 to Rs9,000.
Revenue minister Raj Kumar Chouhan said the new rates will come into effect within the next 20 days.
"The new rates will come into force after issuance of a notification," he said.
Officials said that the increased rates may see property rates going up. They said that with the increase in circle rates, the government will also earn more from the registration fee of the properties.

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