Delhi Govt revises circle rates, property prices may 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.

New Delhi: 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 Rs 9,000 per square metre as the lowest
rate while the upper limit will be Rs 1,25,000 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, Rs 1.25 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 Rs 43,000 per sq m for
posh colonies falling in the 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 Rs
6,900 to Rs 9,000.

Revenue Minister Raj Kumar Chouhan said the new rates
will come into effect within next 20 days.

"The new rates will come into force after issuance of a
notification," he said.

Officials said the increased rates may see property
rates going up. They said with the increase in circle rates,
government will also earn more from the registration fee of
the properties.

PTI

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