New Delhi, Nov 21 (IANS) The Delhi government Wednesday decided to rationalize the capital's circle rates in view of the prevailing high market rates at which property transactions are done in the city.
"The circle rates were last rationalized in November last year. But despite a decent hike therein, the circle rates continue to be quite low than the prevailing market rates at which transactions are taking place," Chief Minister Sheila Dikshit told reporters after a cabinet meeting here.
After the decision will come into effect, the revised circle rate in posh category A colonies will be Rs.6,45,000 per square metre, a sharp rise from the prevailing circle rate of Rs.2,15,000 per square metre.
In category B colonies, the present circle rate of Rs.1,36,400 per square metre will be revised to Rs.2,04,600 per square metre.
"The circle rates have been revised in order to make them just, reasonable and affordable, keeping in view the categories for valuation for property tax as formulated by the civic bodies," a government official said.
"It was also felt that the present circle rates in Delhi are quite low in comparison to the NCR (national capital region) cities like Noida, Gurgaon and Faridabad," the official added.
The revised circle rate in category C colonies will be Rs.1,33,224 against the prevailing rate of Rs.109,200 per square metre.
In category D colonies, where the current circle rate is Rs.87,200, the revised rate will be Rs.1,06,384 per square metre.
The rise in circle rates in the E, F, G and H category colonies will not be as sharp as in other categories.
In category E colonies, the prevailing circle rate of Rs.47,840 per square metre will be raised to Rs.58,365, while in category F colonies the present rate of Rs.38,640 will now be increased to Rs.47,140.
The category G colonies will see an increase of Rs.6,932 in the circle rate. The prevailing rate is Rs.31,510 per square metre.
In category H colonies, the revised circle rate will be Rs.19,361 per square metre, while at present it is Rs.15,870 per square metre.
The circle rates in Delhi were first introduced on July 17, 2007, and were further rationalized in February 2011 and November 2011.
−−Indo−Asian News service