New Circle Rates For Delhi Announced

DELHI, INDIA (GaeaTimes.com)- After a long period of delay, the Delhi Cabinet Committee on Monday finally announced the new circle rates for the city. Reportedly, the new circle rates is a three time increment to the existing rates for any property that is sold or purchased in the city colonies. With the new circle rates coming into existence the real estate prices are also likely to be affected.

Sheila Dikshit who happens to be the Chief Minister of Delhi presided over the Monday session of the Delhi Cabinet Committee where the decision for new circle rates was declared. The Cabinet Committee has fixed the new circle rates as of Rs 9,000 per square meter which happens to be the lower limit. The upper limit has been fixed as of Rs 1,25,000 per square meter. The new circle rates for Delhi is calculated as the minimum rate set for the valuation of any land which have been used for a residential construction.

In accordance to the new circle rates a total sum of Rs 1.25 lakh per square meter has been declared as the fixed rate for all posh colonies that includes Hauz Khas, Anandlok, Green Park, Greater Kailash, Panchsheel Enclave, Defence Colony, Nehru Place and Gulmohar Park. Raj Kumar Chouhan who happens to be the Revenue Minister told the media that the new circle rates reflects the decision of the government which is aiming at a rise of Rs 400 crore as a total amount in terms of revenue earnings. With the rise of the new circle rates the registration fees would also witness an increment which shall be a boost to the revenue earnings for the government.