By month-end Sharp hike will be seen in circle rates
The Delhi government is set to hike circle rates by the end of this month, in an attempt to rationalise property rates in the Capital.
Circle rates were likely to go up by 20 per cent to 60 per cent after the revision, as per the information received from the officers of Revenue department.
Revenue secretary Dharam Pal said, primarily for A and B category colonies there is 60 per cent hike. But we are expecting other areas, where the market rates have shot up irrespective of our categorisation, could be bracketed in A and B category areas
An additional sector is likely to see a steep hike in circle rates is agricultural land and farmhouses, Besides A and B category colonies.
Pal alleged, according to the recommendations, which are yet to be given final shape, its one category where we expect the circle rates to go up between 60 per cent and 70 per cent.
He said the new circle rates would come into effect by the end of this month.
A committee was, at the moment, comparing the actual market prices against existing circle rates, According to senior officials in the department. The report will be sent by the committee to the Finance department for its concurrence before sending it to the Lt-Governor for approval.
An official informed, the final approval will come from the Lt-Governor, as there is no government in place. But first, the Finance department has to give its concurrence.
To register a property, Circle rates are the minimum area-wise property prices set by the government. From registration fees and stamp duties that are not paid because a major part of transactions in real estate are often done in cash or black money, the government often loses money. This interprets that the actual value of a sold property is much more than shown officially.
Source: Indian Express
Agricultural land, Circle rates, Delhi Government, Dharam Pal, farmhouses, Finance department, Lt Governor, Revenue department
