Property transaction new rate starts today
After much delay, the new circle rate will come into force in the city from Tuesday, which will see that the minimum price at which property transaction takes place in the city goes up by about 100 per cent.
The Delhi government and the Lt. governor Tejendra Khanna had been at loggerheads over the notification of the new circle rate but decks were cleared once the Union home ministry clarified that the issue lied very much in the domain of the city government. The Delhi revenue minister Raj Kumar Chauhan on Monday stated that the Circle rates for valuation of lands and immovable properties for registration in Delhi have been revised. “The revised rates shall be taken into consideration for registration of instruments relating to land and immovable properties in Delhi by all the registering authorities under the provision of Indian Stamp Act at the time of registration of instruments under the provisions of Registration Act,” Mr Chauhan added.
The new circle rate for Group A colonies, which include posh areas of the capital, would now be `86,000 per square metres, while for Group B colonies it would be `68,200. The rates for Group C would be `54,600 per square metres, for Group D `43,600, for E `36,800, F `2,200, G `27,400 and H `13,800 per square metres. The circle rate of properties is the system in which the government fixes the minimum rate of the land depending on the category of colonies it falls in.
Mr Chauhan said that a decision to increase the existing circle rates was taken in order to mitigate the black money circulation in property transaction in Delhi. He also informed that there has been remarkable jump in revenue collection from stamp duty and registration fee till now, with stamp duties showing an increase of 62.41 per cent in comparison to last year. The gross stamp duty collection up to January 2011 were `1,370.72 crores compared to `43.72 in the corresponding period of previous financial year.
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