Delhi real estate market has reported a more than expected jump in the number of transactions since the government announced new circle rates (the minimum amount at which a property is valued and sold) on 14th of June, though the government is yet to formally notify the new rates.
The new circle rates announced by the Delhi government are around three times of the current rates. Sub-registrars across the capital have received 20-25 per cent more documents during the past fortnight.
The maximum jump in the number of deal-registrations has been reported from mid-income areas in Northwest and West Delhi such as Narela, Saraswati Vihar, Rohini and Mongolpuri. Major commercial as well as residential areas such as Janakpuri and Tilak Nagar in West Delhi have also reported huge jump in deals.
The government officials said that the new rates will definitely decrease the discrepancy between the actual market price of a property in India and the existing circle rates. Areas that fall under Category A for property tax collection, including Greater Kailash, Gulmohar Park, Defence Colony, Panchsheel Enclave, Hauz Khas and Green Park, will register an increase of 300 per cent in circle rates, from the current Rs 43,000 to Rs 1.25 lakh per square metre.
The new rates are expected to take effect sometime during next month, and until then buyers will be able to get the registrations done as per the old structure, which was introduced in 2007.
The new circle rates announced by the Delhi government are around three times of the current rates. Sub-registrars across the capital have received 20-25 per cent more documents during the past fortnight.
The maximum jump in the number of deal-registrations has been reported from mid-income areas in Northwest and West Delhi such as Narela, Saraswati Vihar, Rohini and Mongolpuri. Major commercial as well as residential areas such as Janakpuri and Tilak Nagar in West Delhi have also reported huge jump in deals.
The government officials said that the new rates will definitely decrease the discrepancy between the actual market price of a property in India and the existing circle rates. Areas that fall under Category A for property tax collection, including Greater Kailash, Gulmohar Park, Defence Colony, Panchsheel Enclave, Hauz Khas and Green Park, will register an increase of 300 per cent in circle rates, from the current Rs 43,000 to Rs 1.25 lakh per square metre.
The new rates are expected to take effect sometime during next month, and until then buyers will be able to get the registrations done as per the old structure, which was introduced in 2007.
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