Friday, April 16, 2010

Govt Set To Hike Property Circle Rates in The National Capital

The circle rates for sale and purchase of properties in the national Capital are going to be high. In order to meet the expenses and deficits, the Delhi Government is likely to increase the circle rate of properties ranging from 30 per cent to 100 per cent.
The new circle rates will be fixed according to the properties falling under various categories. The concerned department has sent the proposal to planning and finance department for comments. If sources are to be believed, the new circle rates of properties would be implemented in Delhi within two months.
Delhi Government had earlier introduced the circle rates in 2007, dividing the Capital into eight categories. The circle rate of properties is the system in which the Government fixes the minimum or maximum rate of the land depending on the categories of colonies.
Top sources said that there would be massive hike in the circle rates to improve the financial health of the Capital. The proposal for new circle rates will be brought before the Cabinet by next month.
"Under the new proposal, posh colonies would have to pay more ranging between Rs 1.25 lakh to Rs 1.50 lakh per square metre as circle rate. Currently, the circle rate is fixed Rs 43,000 per sqm for posh colonies falling in the category A. The Government has taken a fresh categorisation of colonies, added two new category-rich and super rich colonies dividing the Capital into 10 categories," a source said.
For instance, colonies like Vasant Vihar, Greater Kailash, Hauz Khas, Mahendru Enclave, New Friend Colonies, Sukhdev Vihar, Jor Bagh, Niti Bagh, Defence Colony, Civil Lines falling in super rich colonies would have to pay more circle rate during sale and purchase of properties. According to proposed rate, there would be over 30 percent increase in the circle rate to those colonies falling under D,E,F,G and H category.
With thanks : source : The Pioneer

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