Before any announcements on circle rate rises, according to real estate experts, there should be a citywide rationalisation and colony recategorisation procedure.
The Delhi government is extending a 20% circular rate refund on land and immovable property for an extra six months. According to real estate professionals, the decision to maintain low loan rates will be advantageous to both buyers and sellers.
Circle rate adjustments should only be made public as part of a city-wide rationalisation and colony recategorisation process, claim the proponents.
“It will take longer. The file would be given to the chief minister and the lieutenant governor, according to New Delhi’s minister of revenue Kailash Gahlot.
To aid Delhi’s COVID-affected real estate industry, the Delhi government extended the 20 percent circular rate concession for land and immovable property till June 30, 2022, to December 31, 2021. In September of that year, it was extended through the end of December 2021. The 20 percent circular rate reduction’s prolongation was intended to help Delhi’s COVID-affected real estate sector.
The eight categories of municipal areas in Delhi that are subject to the circular rates are A through H. The most recent revision to the “circular rates,” or the official rates for land and immovable property, was made in 2014. The revenue department established four working groups in June 2021 to determine circle rate change in residential, commercial, and industrial zones.
Real estate experts have praised the government’s decision to prolong the 20% refund on the circular rate of land and immovable property for a further six months.
We commend the Delhi administration for extending the cheaper circle costs. Property sales have significantly increased in high-end neighbourhoods like Maharani Bagh, New Friends Colony, and Panchsheel Park as a result of a 20 percent drop in circular rates last year. According to the CEO of International Realty, the circular rate refund caused the sale of a number of residences that had been on the market for a long time but had not found a buyer. The decision to maintain interest rates low will be advantageous to both buyers and sellers. Only when circle rates are changed should a citywide rationalisation and colony recategorisation effort be made public. Circle rates and real market prices must coincide for this to occur. He stated that we encourage the agency to look at the possibility of developing subcategories within the A–H categories.
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