As the government of New Delhi has decided to announce new circle rates, the real estate market is seeing new heights of deals and registrations in real estate. The jump is 3 times high. The mid income areas of Delhi like Narela, Rohini, Saraswati Vihar and Model Town of North West Delhi have reported maximum increase in deals and registrations. Commercial and residential areas of Tilak Nagar and Janakpuri of West Delhi also have registered a high percentage of deals. Initially, the government fixed the circle rate, which is the minimum amount at which the property is valued and sold, by following the rules of Municipal Corporation of Delhi. But this circle rate was very low because there is a huge difference between the market rate and circle rate.
To lessen this difference, government of New Delhi decided to introduce a new scheme. Defence Colony, Greater Kailash, Gulmohar Park and Green Parkk etc. come under the new scheme. The rates have been increased from 43,000 to 1.25 lakh per square metre. With this increase government is hopeful of getting more than 35 % profit increase. But the real estate market analysts do not agree with government hopes. Everything depends upon the move and mood of the market. Let’s see what happens.
To lessen this difference, government of New Delhi decided to introduce a new scheme. Defence Colony, Greater Kailash, Gulmohar Park and Green Parkk etc. come under the new scheme. The rates have been increased from 43,000 to 1.25 lakh per square metre. With this increase government is hopeful of getting more than 35 % profit increase. But the real estate market analysts do not agree with government hopes. Everything depends upon the move and mood of the market. Let’s see what happens.
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