DELHI Circle rates revised: 300 pc jump in S Delhi - Real Estate Consultant, Delhi NCR | Reality News and Updates

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DELHI Circle rates revised: 300 pc jump in S Delhi - 22nd Jul 10

The Delhi Cabinet on Monday cleared a long-pending proposal to revise circle rates the minimum rate at which a residential plot can be sold in the city. Government officials said the existing rates have been revised to reduce the discrepancy between the actual market price of property and the circle rates. The existing circle rates have been fixed according to categories defined by the Municipal Corporation of Delhi for collecting property tax. Colonies like Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave, Green Park and Hauz Khas that fall under Category A for property tax collection, will be registering a 300 per cent increase in circle rates. The rates have been revised from the existing Rs 43,000 to Rs 1.25 lakh per square metre in these South Delhi colonies. With the new rates, the government is expecting an increase of 35 per cent in revenue generation. The current system generates a revenue of about Rs 940 crore, officials said. While the government has done away with the categories defined by MCD, it has defined new slabs and categorised 2,480 colonies within those slabs. The government has taken into account factors such as infrastructure availability and civic facilities in these colonies. The Cabinet fixed Rs 9,000 per square metre as the lowest rate as opposed to the existing Rs 6,900 introduced in 2007. The upper limit will be Rs 1,25,000 per sq m as opposed to the existing Rs 43,000 per sq m. No property sale will be allowed below the specified rate and tax will have to be paid for the entire transaction amount. While the new slabs have been introduced for residential properties as circle rates are defined only for residential use factors like commercial, industrial and institutional have been defined for other forms of land use. For commercial and institutional properties, the rate will be calculated by multiplying the circle rate defined with a factor of three and by 2.5 for industrial units. Properties that fall under the mixed land use category will be treated as residential properties, the officials added. Revenue Minister Raj Kumar Chouhan said the new rates will come into effect within the next 20 days after issuance of a notification.
THE PRESENT SYSTEM
CategoryARs 43,000,CategoryBRs 34,100,CategoryCRs 27,300,CategoryDRs 21,800,CategoryERs 18,400,CategoryFRs 16,100,CategoryGRs 13,700, CategoryHRs 6,900,All rates per square meter.
REVISED CIRCLE RATES
Rs 1.25 lakhper sq m 60 colonies including Anand Lok, Jor Bagh, Vasant Lok, Chittranjan Park, Defence Colony
Rs 1 lakhper sq m 52 colonies including Bahadur Shah Zafar Marg, Chirag enclave, Defence Enclave, INA colony
Rs 86,000per sq m 55 colonies including Rajendra Park, Sheikh Sarai, NizamuDdin West, Dwarka sector 1-23
Rs 68,500per sq m 127 colonies incluDing Mansarovar Garden, Munirka, Bara Hindu Rao Choti Sabzi Mandi
Rs 54,500per sq m 241 colonies including parts of Rohini, Sarita Vihar, Sadar Bazar, Sabzi Mandi, Swaroop Nagar
Rs 43, 500 per sq m 196 colonies ,Rs 27,500 per sq m 298 colonies, Rs 21,000 per sq m 445 colonies, Rs 18,000 per sq m 911 colonies,
Rs 9,000 per sq m 186 colonies.

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