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The Arvind Kejriwal government in Delhi has decided to let go of the 20% discount offered on the circle rate of properties in the capital.

This comes as a huge blow to residents willing to invest in properties in Delhi now, as the decision is set to affect the prices of the same. 

The decision will affect the process of buying a property including the high registration fees. 

The chief minister Arvind Kejriwal has earlier announced the 20% discount on the circle rate of property from 1 April 2021 to 30 September 2021. His government's decision then aimed at boosting the economy in the national capital after it came to a standstill during the Covid-19 pandemic induced lockdown.

The 20% rebate had been announced on all three kinds of property- residential, commercial and industrial. 

The Delhi government had cut the circle rates by 20% for all categories of properties in April 2021 to revive the real estate sector in the city. The relaxation was extended through notifications a couple of times and is valid till June 2022.

The Kejriwal government attributed their decision to the fact that economy has got back on its track and therefore the rebate is not a necessity. 

According to Delhi government sources, currently the prices of properties in Delhi and NCR region have increased. They further added that it will not be possible to give discount on the circle rate of 30 June.

The Kejriwal government had in March announced a 20 percent discount on the circle rate of property from April 1, 2021 to September 30, 2021, to give impetus to the economy after the Corona epidemic.

The circle rates of properties in Delhi fall in eight categories of municipal areas--designated A up to H. The circle rates or the official rates of land and immovable property were last revised in 2014. A Delhi government official said the revised circle rates will be nominal. The revenue department had formed four working groups in June 2021 for ascertaining circle rate revision in residential, commercial, and industrial areas.

 

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