Circle rates for Delhi properties hiked
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Commenting on the development, National Real Estate Development Council (NARECO) President Navin M Raheja said the Delhi government has increased the circle rates to meet its revenue targets.
Asked about the impact on builders, he said: "We will not be affected as there is hardly any project in the primary market... The government is trying to bring the circle rate closer to the market price."
Raheja, however, said there will be some impact on the prices of properties traded in the secondary market.
Confederation of Real Estate Developers Association of India (CREDAI) NCR President Geetambar Anand said: "There will be slowdown in property transactions and prices will not increase as market is already down because of high interest rates and other factors."
The Delhi government today hiked the rates in Category A areas like Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave, Anandlok, Green Park, Golf Links and Hauz Khas by 200 per cent.
The rates in Category B neighbourhoods like Andrews Ganj, Kalkaji, Munirka Vihar and Nehru Enclave have been increased by 50 per cent, while for rest of the areas the increase has been fixed at 22 per cent.
The Delhi government expects to generate an additional revenue of Rs 200 crore from the hike in circle rates.