Delhi Government loses Rs 800 crore
The government earned Rs 3,000 crore in the last financial year, while the expectations for revenue were around Rs. 3,800 crore. Faridabad, Sonepat, Ghaziabad, Gurgaon and Noida are offering much economical properties when compared to Delhi. The satellite towns have become popular for middle class buyers looking for buying properties in the NCR. The market for properties in Delhi is slowing down.
The revenue department is pushing for a hike in circle rates up to 50 per cent in the city. The committee constituted by the department recommended a hike of 20-30 per cent for lower categories and 40-50 per cent for category A and B. However, the demand is still pending as the model code of conduct is applicable in the city. Circle rate is the minimum area-wise property price set by the government.
A major part of transactions in real estate are being done in cash or black money, resulting in losses for the government as registration fee and stamp duties are not paid.
Source: Deccan Herald
black money, Delhi Government Revenue, economical properties, losses for government, NCR, New Circle Rates, Revenue department, Revised circle rates, Sonepat, Stamp Duties
