Realty bites

Circle rates doubled in Delhi

Circle rates doubled in Delhi

Property transactions in the national capital are all set to become a costly affair with the Delhi Cabinet today deciding to enhance the current circle rates for sale and purchase of property by 100 per cent with an aim to improve fiscal health of the state exchequer.

The new rates will be notified soon, Chief Minister Sheila Dikshit told reporters soon after presiding over the Cabinet meeting which had approved a proposal to increase the existing circle rates of the property by 100 per cent. This is for the first time that the circle rates have been increased after they were first introduced in the capital in July 2007.

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 it falls in. The Chief Minister said that such a decision to increase the existing circle rates was taken in order to mitigate the black money circulation in property transaction in Delhi.

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