Delhi Govt Initiates Process of Revising Circle Rates
The Delhi government has started the process for revising the circle rates of properties, seeking feedback from public. A committee of senior officials of the Revenue department is evaluating the circle rates of different kinds of landed properties and is likely to submit its report to the government within a month. In real estate parlance, landed property usually refers to a property that generates income for the owner without the owner having to do the actual work of the estate. The circle rates in Delhi were last increased in 2014. Currently, depending on the area, circle rates are categorised in eight classes of 'A' to 'H'. The circle rate in 'A' category areas like posh Vasant Vihar is Rs 7.74 lakh per square metre while in the least developed 'H' areas like Nand Nagri is Rs 23,280 per square metre. The administrative staff in 11 revenue districts have also been deployed for taking feedback on the circle rate revision. In a public notice issued by East Delhi district, feedback including suggestions and objections from stakeholders has been sought from the stakeholders for circle rates of residential, commercial and industrial land and properties by July 31. Amid lockdown and its impact on economy of the city, the Delhi government earlier this year slashed circle rates for residential, commercial, industrial property and by 20 percent. The circle rate of land or any property is its threshold rate below which its sale cannot be registered. The revision in circle rate is expected to boost revenue of the government that has witnessed a decline in stamp duty fee of property registration due to the COVID-19 pandemic and lockdown. Against a target of over Rs 5,000 crore revenue from stamp duty fee in 2020-21 , the department collected Rs 3,297 crore, mainly due to slowed down economy during the pandemic and lockdown. The department has targeted a projected collection of Rs 4,997 crore through stamp duty fee.
Tags : News/Views Circle Rates Delhi Governmet Initiates Process Revising