A rebate scheme was launched in the month of February in 2021 to help the economy and people affected by the impact of covid 19 lockdown. It was extended by the government till June 30 in December 2021.
NEW DELHI: On Wednesday officials informed us that the government is planning to extend the rebate of 20% on the circle rate of land and immovable property for 6 months. The government made this decision to boost the real estate sector in the city.
An officer from the senior revenue department reported “We have been asked by the revenue minister to analyze all the factors and impact of the scheme and advise if it can be extended further.”
He informed that according to available information, this scheme has helped to increase the number of transactions and collected a higher number of revenues despite the reduced circle rate.
Revenue department officials informed properties in Delhi are divided into categories A to H. Least developed areas fall under the H category and posh areas fall under the A category.
Officials shared that Under the government’s rebate scheme, the existing circle rate of land in ‘A’ category areas has gone down from Rs 7.74 lakh per square meter to Rs 6.19 lakh, the officials said. In ‘H’ category areas, the circle rate was reduced from Rs 23,280 to Rs 18,624 per square meter.