The property prices have skyrocketed in the Delhi and NCR in the last 6-10 months. The government of Haryana has already hiked the circle rates by 10-12% in Gurgaon and Faridabad, the government of Uttar Pradesh also hike circle rates in Noida-Greater Noida and Ghaziabad by 10-20%.
The new circle rates for a hyper-potential zone like Gurgaon have already been tagged in revenue records and already effected. In DLF City Phase 1-4, where the market rate of land ranges between Rs 70,000 and Rs 1,00000 per sq yard, the circle rates have been increased from Rs 19,000-21,000 to Rs 21,000-23,000, according to revenue officials.
Following the latest decision Delhi Government regarding threshold limits of circle rates in different locations of Delhi, the property rates are likely to see north word trends.
At present the Capital has been divided into eight categories - A to H. The rates for different categories are given below.
New CIRCLE RATES IN DELHI
Minimum rate per square metre for valuation of land for residential use in Delhi.
Category Areas Option1 (Rs) Option2 (Rs) A IP Estate, Andrews Gunj, Anand Lok, Sunder Nagar, Greater Kailash I, II, III Rs 43,000 new rates are Rs 47,000.
For B Chittaranjan Park, INA Colony, Nizamuddin (E), Pragati Vihar, Jangpura, Kailash Colony Rs 34,100 new rates are Rs 37,300.
C Nizamuddin (W), Amar Colony, Siddharth Encl, Vikram Vihar, Lajpat Nagar I & II Rs 27,300 now new rates are Rs 29,800.
D Kasturba Nagar, Anna Nagar, Balmiki Basti, Press Enclave (Minto Road), Daryaganj, Amiganj, Sewa Nagar Rs21,800 now new rates are Rs 20,300.
E Arab ki Sarai, Amritpuri, Bhagwan Nagar, Siddharth Extension, Kasturba Niketan, Bhim Nagri Rs18,400 now new rates are Rs 20,100.
F Sarai Kale Khan, Nangloi, Tilak Khand, Govindpuri Extension, Subash Khand, Jamia Nagar Rs 16,100 new rates are Rs 17,600.
G Devinagar, Gautampuri, Azim Dairy, Taimoor Nagar, Canal Colony Okhla, Harijan Colony, Hauz Rani Mohulla 13,700 now new rates are Rs 14,900
H Rural Villages Rs 6,900 now new rates are Rs 7,500.
The circle rates are revised at every five years in Delhi. The implication of this move is that the property cannot be valued below the threshold rate. This will not only remove the undervalued transaction but also boosts the revenue of the government. However, the move will push up the real states prices as the threshold limits would be much higher than the undervalued prices quoted in the market.
Detailed news can be viewed from the link in headline above.
with thanks : source : Central Chronicle
