Categories News

DELHI: Property transactions will be costlier

The government decided to discontinue rebates on circle rates. The government made this decision because the impact of the covid pandemic has subsided and the economy of the city is developing fast.

NEW DELHI: On Thursday, officials informed that property transactions will be costlier because the government decided to discontinue the 20 per cent rebate on circle rates from 1st July.

The revenue department of the Delhi government shared “The competent authority has decided to discontinue the relaxation of 20 per cent in circle rates beyond June 30. The circle rates notified on September 20, 2014, will be applicable from July 1,”

The Delhi government introduced a rebate scheme to help the economy to recover after the pandemic scheme was implemented in February 2021. Later the rebate scheme was extended till 30 June by the government.

Revenue department officials informed that properties in Delhi are divided into eight categories from ‘A’ to ‘H’. While posh areas fall under the ‘A’ category, the least developed areas come under the ‘H’ category.

The officials shared that the existing circle rate of land in ‘A’ category areas had gone down from Rs. 7.74 lakh per square meter to Rs. 6.19 lakh.

 A senior government officer said “The revenue department was asked by the minister in charge to suggest if the rebate needed to be extended or discontinued. It was found that the economy is recovering with all its segments returning back to the pre-Covid levels with increased revenue generation,”

He further added that the rebate was allowed to all categories of properties in housing, commercial and industrial segments to grow the real estate sector and help the recovery of industrial and trade activities.

It was a successful scheme as it raised the numbers of property transactions and increased stamp duty revenue despite the 20 per cent rebate on circle rates.

This scheme boosted the finances of the Delhi government with property registration revenue rising from Rs 3,552 crore in 2020-21 to Rs 4,997 crore in 2021-22.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram

Anamika Gairola

Anamika is a research-oriented writer with experience in writing blogs on home decor and real estate industry. Simply put, she knows the trend and expectations of today’s industry. She is an avid reader, wishes to travel the world, and loves to cook her favorite recipes when not writing.

Share
Published by
Anamika Gairola

Recent Posts

Ways to reduce interest rates on home loan

Buying a home is a significant milestone, but the hefty price tag isn't the only…

3 weeks ago

The Ins and Outs of Tax Lien Certificates: A Guide to Profiting from Property Tax Liens

Tax lien certificates are those that are given to investors who demonstrate their interest in…

3 weeks ago

Property Rights in Second Marriages: Rights of Second Wives and Children under Hindu Law

The Hindu Marriage Act of 1955 and the Hindu Succession Act of 1955, respectively, set…

3 weeks ago

What are the benefits of paying rent via Credit Card?

Paying a house rent is an important and recurring monthly expense for an individual. Generally,…

3 weeks ago

Under Construction vs Ready for Possession Property Investment

Investing in real estate necessitates a lot of research, legwork, and hefty investments. Hence, a…

3 weeks ago

Procedure of property transfer

You're buying or selling a property – an exciting time filled with possibilities. But amidst…

3 weeks ago

This website uses cookies.