DDA land rates adopted by NDMC; mutation easier
Passing relief to property owners in Lutyens’ Delhi, NDMC has revised land rates. The civic agency has decided to go with Delhi Development Authority’s land rates instead of the Delhi government’s circle rates, which it had adopted in 2008. This means there will be a massive drop in prices: what cost Rs 19.35 lakh per square metre for a commercial property will now cost Rs 76,000.
On Tuesday the decision was taken at a meeting. “Due to high land rates people couldn’t take advantage of government’s leasehold to freehold scheme. We found, after studying the matter in detail, that Rs 19.35 lakh per square metre as land rate for conversion was not justified, as the owner is not selling the property. In the way of government’s conversion scheme we have just cleared the impediment,” said NDMC chairman Jalaj Srivastava.
Traders associations are delighted. Sanjiv Mehra, president of Khan Market Traders’ Association said, “We are happy that to correct the anomaly the civic agency has finally taken steps. Now, for conversion of properties a lot of traders will be able to apply.”
Owners will have to pay Rs 25,333 per sq metre as land rate for conversion of residential property. In notified areas New Delhi Municipal Council has also decided to permit conversion of properties from residential to commercial. For this, the land late will be Rs 89,000 per sq metre.
Source: Times of India
Civic agency, Delhi Development Authority’s, Delhi governments, Jalaj Srivastava, Khan Market Traders’ Association, Lutyens' Delhi, NDMC, New Delhi Municipal Council, Residential property, Sanjiv Mehra
