Circle rates for Delhi properties hiked
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She said the Cabinet took a sympathetic view in effecting hike of the rates in colonies under categories C,D,E,F,G and H.
For C category colonies, the circle rate has been hiked to Rs 1,33,224 per square metre from current Rs 1,09,200 while in neighbourhoods under Category D the new rates will be Rs 1,06,384 as against existing rate of Rs 87,200.
The rate for colonies under category E has been hiked from Rs 47,840 to Rs 58,365 per square metre while for F category colonies the rate will be Rs 47,140 as against current rate of Rs 38,640.
In respect of category G colonies, the new rate will be Rs 38,442 per square metre as against existing Rs 31,510 while for H category colonies it has been hiked to Rs 19,361 from Rs 15,870.
The circle rates were first introduced in Delhi in 2007, dividing the capital into eight categories, and were notified under the provisions of the Delhi Stamp (Prevention of Undervaluation of Instruments) Rules, 2007 on July 18, 2007.
'No immediate impact of hike in circle rate on realty prices'
Developers and realty consultants today said there will be no immediate impact on property prices due to Delhi government's move to hike circle rates and felt the move will help to reduce black money transactions.
"The current circle rates are far lesser than the market prices... I do not think there will be any immediate impact due to this increase of circle rates. Property prices are always determined by the market forces. It is dependent on demand supply scenario," Jones Lang LaSalle (India) Chief Executive Officer (Operations) Santosh Kumar said.
He, however, said there may be some price hike in the long run due to this step.
"The best thing about raising the circle rates is that it will reduce the black money transactions. Now, the government will get more money and transparency in property dealings will increase," Kumar said.