New Delhi, July 27 Delhi government has initiated the process for revising the circle rates of properties in the national capital, sources said on Tuesday.
Sources also said that a committee of senior officials of the Revenue department has started evaluating the circle rates of different kinds of landed properties. The committee is likely to submit its report to the government within a month.
Landed property usually refers to a property that generates income for the owner without the owner having to do the actual work of the estate.
As per the information, the circle rates in the capital were last increased in 2014 and according to which, circle rates are fixed depending on the areas categorised in eight classes from A to H.
The circle rate in 'A' category areas like posh Vasant Vihar is Rs 7.74 lakh per square metre while in the least developed 'H' areas like Nand Nagri is Rs 23,280 per square metre.
In a public notice issued by East Delhi district, feedback including suggestions and objections from stakeholders has been sought from the stakeholders for circle rates of residential, commercial and industrial land and properties by July 31.
Amid lockdown and its impact on the economy of the city, the Delhi government earlier this year slashed circle rates for residential, commercial, industrial property by 20 per cent.
The circle rate of land or any property is its threshold rate below which its sale cannot be registered.
The secures said the revision in circle rate is expected to boost Delhi government's revenue, which has witnessed a decline in stamp duty fee of property registration due to the Covid-19 pandemic.
Against a target of over Rs 5,000 crore revenue from stamp duty fee in 2020-21, the department collected Rs 3,297 crore, mainly due to the slowed down economy during the pandemic and lockdown, said an official in the Delhi government.
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