Wednesday, October 19, 2011

Delhi circle rates may be hiked by 200% - Indian Express

Delhi circle rates may be hiked by 200% - Indian Express:

Delhi Government is planning to hike the circle rates -- the minimum valuation of land and immovable properties -- by up to 200 per cent in posh colonies in the city, a move aimed at tackling black market and which may trigger hefty rise in property rates.
Top officials in Delhi Revenue department said government wants to hike the circle rates to stop "flow of black money" in property transactions so that government does not lose revenue from registration fee and stamp duty.

"In most cases, actual rates of properties are not shown on paper and that is why government does loses revenue on stamp duty and registration fees," they said.

The city government had increased the circle rates in February this year by over 100 per cent.

Justifying the move, a senior Minister said circle rates in Delhi are still less than circle rates in satellite towns like Noida and Gurgaon.

Officials said the circle rates have been proposed to be increased in the range of 50-200 per cent.

"The Cabinet will examine the proposal very soon," said a Revenue department official, adding the hike may be around 200 per cent in posh colonies like Defence Colony, Golf Links and Gulmohar Park.

In the last revision, Rs 86,000 per sq m has been fixed for category A colonies like Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave, Anandlok, Green Park, Hauz Khas and Nehru Place. The circle rate in these colonies prior to the revision was Rs 43,000 per sq m.

Rs 68,200 per sq m has been fixed for colonies like Andrews Ganj, Kalkaji, Munirka Vihar and Nehru Enclave.

Similarly for category C colonies, the rate has been fixed at Rs 54,600 per sq m while for category D colonies it was fixed at Rs 43,600 sq m.
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