Buying and selling properties in National Capital’s “super posh” areas will rise by up to 50 per cent if the Delhi Government accepts the proposal for new circle rates for these areas. Revenue Department has proposed a whopping Rs10 lakh per square metre circle rate for Jor Bagh, Connaught Place, Maharani Bagh, Gole Market, Vasant Vihar, Shanti Niketan, Panchsheel Park, Sundar Nagar, lutyens’s Zone and NDMC area. Revenue Department has prepared a new category “A-1” for these areas.
Besides this new category, there is a proposal to hike circle rates in other existing categories. As per the proposal, hikes in circle rate will be 20-30 per cent depending on the category. The proposal has been forwarded to Finance Department for approval. Top sources told The Pioneer: “The property rates in these colonies are very expensive. The property is being sold over Rs100 crore.”
Officials of Revenue Department said that the proposal has been sent to Finance Department for the second time. Earlier, the Finance Department had raised queries over the method adopted in finalising the new rates and had sent it back for reconsideration. In its bid to get more revenue, Revenue Department has targeted agricultural land and rented properties in the Capital. It has proposed that rent and lease deeds will be based on the circle rates of properties.
As per the proposal, stamp duties on lease deeds and rent agreements will be calculated as per existing circle rates of an area and no undervaluation of properties will be allowed.This is yet another attempt to tame the black market, to rationalise registration in view of market rates and to enhance revenue generation of the State. The last circle rate revision happened in 2012.
The current circle rates are: Rs 6.45 lakh per sq metre in A category colonies like Vasant Vihar, Jor Bagh, Golf links, Anand Niketan, Friends Colony and Maharani Bagh. For B category colonies like Greater Kailash and Defence Colony, it is Rs 2.05 lakh per square metre. The circle rates for C category colonies is Rs 1,33,200 per sq metre, Rs 1,06,400 (D category), Rs 58,400 (E category), Rs 47,200 (F category), Rs 38,500 (G category) and Rs 19,400 for H category.
In the current fiscal, Revenue Department had a target of Rs 3,800 crore, but so far it has managed to collect a little over Rs 3,000 crore and is unlikely to meet the target.