Delhi Government has increased the circle rates of real estate properties in the capital. The new circle rates will come into force after issuance of a gazette notification. The increased circle rates will help the government earn more revenue from property registrations.
Delhi Government Increases the Circle Rates of Real Estate Properties Manifold
New Delhi (Delhi, India), October 05, 2015
The Government of Delhi has increased the circle rates for sale and purchase of the real estate properties in Delhi. The Delhi government cabinet in-principle took the decision to increase the property circle rates in its meeting held on November 21, 2012.
Delhi Chief Minister Sheila Dikshit chaired the Cabinet Meeting. Mrs. Sheila Dikshit told reporters after the meeting, “In order to mitigate the black money circulation in property transactions in Delhi, the existing circle rates have been increased. We have decided to double the circle rates depending on the categories of colonies”.
The new circle rates of the residential properties in Delhi will come into effect after the gazette notification and will provide a new valuation benchmark for charging the applicable stamp duty for registrations of the real estate transactions.
The Delhi Government will issue the gazette notification for the revised circle rates after seeking the approval of the Lieutenant Governor of Delhi. The revised circle rates will come into effect within one week after a necessary notification is issued to implement the hike.
This move of increasing the circle rates for the real estate properties in Delhi will help the government earn more revenue from the registration fee of the properties. The revision in the circle rates will assist in controlling the prevailing undervaluation of properties in Delhi.
The Cabinet Meeting also decided to maintain the earlier marked categories on which the circle rates were charged. At present, there are eight categories of colonies in the Delhi – A, B, C, D, E, F, G, and H. The circle rates vary depending on the category.
In view of current market rates in Delhi and in other NCR towns being higher, it was necessary to rationalize the existing circle rates for the properties in Delhi. The governments in neighboring states of Haryana and Uttar Pradesh have increased the circle rates of Gurgaon and Noida properties recently.
The Delhi government had first introduced the circle rates for the real estate properties in Delhi on July 18, 2007 and was notified under the provisions of the Delhi Stamp (Prevention of Undervaluation of Instruments) Rules, 2007.
Current Circle Rates of the Real Estate Properties in Delhi
The Present Circle Rates of the Residential Properties in Delhi
What is a Circle Rate of a Real Estate Property in Delhi?
Definition of the Circle Rates for the Residential Properties in Delhi
Categories of Residential Colonies and Properties in Delhi
Property Circle Rates – Eight Categories of the Residential Colonies in Delhi
Delhi Government – Plans, Policies, and Projects
Government of Delhi – Current and Past Residential Plans, Policies, Projects, and Schemes
