+
Delhi government to hike circle rates by 30% in posh localities
Real Estate

Delhi government to hike circle rates by 30% in posh localities

The Delhi government has made a report that seeks to increase circle rates of landed properties in some posh localities of the city by 30% and slash it where the costs are high.

The report has been presented to the office of the revenue minister for his consideration. The new costs will come into effect after the approval of the Delhi government. The circle values of properties in Delhi fall in eight types of municipal areas – designated A up to H – depending on the growth of civic infrastructure and prevailing commercial value there.

The circle values or the official rates of land and immovable property were last updated in the city in 2014. The revision in circle rates may lead to a 30% increase in some chosen high end residential commercial areas of the city. It may additionally decrease in certain areas where the values are already very steep.

The update in the circle rates for most of Delhi will, yet, be nominal, he said. The revenue department had created four working groups in June 2021 for demonstrating circle rate revision in residential, commercial and industrial areas. The proposal sent to the minister has been made based on the suggestions of the working group.

The market values of properties in Delhi have gone up in the past few years although the circle rates remain the same since 2014, officials told the media. The Delhi government had decreased the circle rates by 20% for all types of properties in April 2021 to revive the real estate sector in the city. The relaxation was opened via notifications a few times and is valid till June 2022.

Image Source

Also read: Delhi govt launches residential EV charging guidebook

The Delhi government has made a report that seeks to increase circle rates of landed properties in some posh localities of the city by 30% and slash it where the costs are high. The report has been presented to the office of the revenue minister for his consideration. The new costs will come into effect after the approval of the Delhi government. The circle values of properties in Delhi fall in eight types of municipal areas – designated A up to H – depending on the growth of civic infrastructure and prevailing commercial value there. The circle values or the official rates of land and immovable property were last updated in the city in 2014. The revision in circle rates may lead to a 30% increase in some chosen high end residential commercial areas of the city. It may additionally decrease in certain areas where the values are already very steep. The update in the circle rates for most of Delhi will, yet, be nominal, he said. The revenue department had created four working groups in June 2021 for demonstrating circle rate revision in residential, commercial and industrial areas. The proposal sent to the minister has been made based on the suggestions of the working group. The market values of properties in Delhi have gone up in the past few years although the circle rates remain the same since 2014, officials told the media. The Delhi government had decreased the circle rates by 20% for all types of properties in April 2021 to revive the real estate sector in the city. The relaxation was opened via notifications a few times and is valid till June 2022. Image Source Also read: Delhi govt launches residential EV charging guidebook

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?