Property prices to rise in Delhi

Oct 13, 2010 - Age Correspondent |

New Delhi

Property prices in the national capital are set to rise with the Delhi Cabinet on Tuesday clearing a proposal for a 100 per cent increase in circle rates across all categories of properties.

These rates are being revised for the first time since their introduction in July 2007.
The circle rate is the minimum rate set by the government for valuation of residential property — that varies area-wise.
The lowest rate (of a category H colony) has been raised from `6,900 per square metre to `13,800 per sq. mt. The highest rate (for a category A colony) has gone up from `43,000/sq. mt. to `96,000/sq. mt.
This decision had been in the offing for the past few months but had not been announced due to differences of opinion in the state Cabinet over the increase in circle rates in some colonies.
The Delhi Bharatiya Janata Party criticised the move, saying it would now be impossible for ordinary people to build houses in the city.
Delhi BJP chief Vijender Gupta has also written to lieutenant-governor Tejen-dra Khanna asking him to withhold assent, and stop the new rates coming into effect.

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