No increase in circle rates in Delhi till polls end
A hike of around 20% to 50% is proposed in the circle rates for property registration in Delhi. The black component in transactions may reduce to nil as circle rate and market rate may become equal in areas like unauthorized regularized colonies and new settlements in Narela and Bawana.
The Lieutenant-governor Najeeb Jung is not keen on rushing into a circle rate hike in view of the model code of conduct that will remain in force till May 16. Earlier this year, the revenue department constituted a committee on circle rates revision. The committee had submitted its report at the end of February. The recommendations were a revision of rates-a 20% to 30% hike for the lower categories and a steeper hike of 40% to 50% for A and B categories.
As the elections in the capital are over, the revenue department is trying to push for an early revision of rates. The registration cost is likely to increase by 20%-50%. After the hike, the circle rate and the market rate are going to be more or less equal, the buyer may not be able to ‘save’ on the transaction cost.
Source: The Times of India
Bawana, Circle rate, Committee, Elections, Lieutenant-Governor, market rate, Narela, RATES, Regulation, Revenue department
