Delhi govt reduces present circle rates by up to 20% for next 6 months1 min read . Updated: 05 Feb 2021, 07:23 PM IST
- Chief Minister Arvind Kejriwal hoped that the step will help in giving a boost to the economy post the coronavirus pandemic
In major financial relief to residents of Delhi, the Arvind Kejriwal government has decided to reduce the current circle rates related to residential, commercial and industrial properties by a flat 20% across all categories of colonies and areas in the national capital.
This will be applicable till 30 September this year. The decision was taken in the Delhi Council of Ministers meet today, which was chaired by Chief Minister Arvind Kejriwal.
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CM Kejriwal hoped that the step will help in giving a boost to the economy post the coronavirus pandemic.
"While we are slowly recovering from the economic contraction in the post-COVID era, it is the duty of our government to take all steps to further reduce the financial burden on the common man," Kejriwal said.
The decision is expected to make it "substantially cheaper" for people to do property transactions, revive the real estate sector which has been hit severely by the corona pandemic and create new jobs, he added.
Delhi Deputy Chief Minister Manish Sisodia said the decision will be a big relief for people willing to buy properties in the national capital.
Taking to Twitter, Sisodia wrote, "A big decision by Hon CM @ArvindKejriwal. Circle Rates of Residential/Commercial/Industrial Properties in Delhi reduced by 20% across all categories for next 6 months. This would be a big relief for people willing to buy property and a big boost up for Real estate sector."
How to calculate circle rates in Delhi?
Generally, commercial properties have higher circle rates, as compared to residential properties. However, it may also vary, based on the type and age of the property. Properties built after the year 2000 have a maximum multiplier of 1 while the older buildings have it in the range of 0.5-0.9.
One can calculate the circle rates in the national capital by visiting the Delhi government’s online registration information system.
Here are the steps below to calculate the circle rate in Delhi:
1) Determine whether the property is used for residential or commercial purposes.
2) Consider the type of property – whether it is a flat, apartment, independent house, or a plot of land. The circle rates of different property types vary, even if they fall in the same area.
3) Factor in the 'age multiplier' to arrive at property valuation and determine the circle rate accordingly.
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