Delhi colonies circle rates hiked
New Delhi- With the increase of the circle rates by the Delhi Government, the property prices in Delhi are expected to rise.
Circle rates were raised by about 200 percent concerning the minimum valuation of land and immovable property to curb the black money transactions.
The 200 percent hike was seen in areas like Greater Kailash, Defence Colony, Gulmohar Park, Panchsheel Enclave, Anandlok, Green Park, Golf Links and Hauz Khas which are the Category A colonies. The revised rates approved by the Delhi Cabinet were Rs. 6.45 lakh per square metre as the new circle rates for the A category colonies when compared to previous rates of about 2.15 lakh.
This rule however, does not allow people to buy any land or immovable properties in these colonies within Rs. 6.45 lakh p sq m.
The B Category list areas like Andrews Ganj, Kalkaji, Munirka Vihar and Nehru Enclave got a hike of about 50 percent with other areas having a 22 percent. An increase in the revenue by about Rs. 200 crore is expected from the increased circle rates.
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[...] rate for valuation of a plot, an independent house or a flat in a particular locality or area. The circle rates differ according to various categories of colonies. The rates are fixed by the state revenue [...]