The Arvind Kejriwal Government is planning to rationalise circle rate of properties in industrial areas such as — Udyog Nagar, Bawana and Narela.
Chief Minister Arvind Kejriwal has reportedly announced in a meeting with traders at Udyog Nagar Industrial area on Monday evening that a proposal to this effect would be put up in public domain within seven days.
According to industrialists of Bawana, the circle of property is higher in Bawana, Narela and Udyog Nagar as compared to prevailing market rates of property. Due to this, the sale and purchase of properties in these areas has suffered and the revenue department is incurring crore of rupees due to anomaly in the circle rates.
According to traders of Bawana, the CM has assured them that the anomaly in circle rates of properties would be rectified in the next 30-40 days. The circle rate for industrial area is double as compared to residential area.
It would be pertinent to mention that Evaluation Committee for Property Rates, set up by the Government in 2014, in its recommendations had proposed that circle rate is much higher in Bawana and Narela industrial area as compared to market rate of property which needs to be rationalised.
The circle rate of properties was not revised since 2014. The AAP Government had decided to increase circle rate of property in 2015 but the same was put on hold by the lt-Governor.
Circle rate is the minimum rate for property or assets (plots, independent houses, flats) in a particular area/locality. The circle rates are always lower than the existing market rates, which in turn are determined by market forces driven by demand and supply.