After one year of complete downfall and passive growth, the land pooling policy has brought some hopes for the revenue department as they are assuming the policy will aggravate growth.
The real estate market has been witnessing a crunch for the past two years and as per the experts the policy will uplift the market. As a result of upliftment of the market, the collections will also increase by registrations of property and stamp duties.
In the previous financial year, the revenue collection went down by around 8%. The revenue collection by registrations of property and stamp duties was 3146 crore, which was actually 8% less than the earlier years.
Officials also held changing circle rates in Delhi (some areas) responsible for the negative collection.
Circle rates are the base rates, which are the minimum at which a property can be registered. Circle rates form the basis of registration charges and stamp duties. Although circle rates are revised at regular intervals, Delhi Government increased them for four times after 2011.
The top grade colonies have their circle rates so high that they are even higher than the total market value of the property. This issue has been raised many times by the agents and the Delhi Government has been asked to regulate the circle rates in Delhi.
