Fulfillment of dream of flat or house in Delhi will be expensive, circle rate may increase

Fulfillment of dream of flat or house in Delhi will be expensive, circle rate may increase

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new Delhi. If you are also dreaming of getting a house or flat in Delhi, then you may have to loose more pockets to fulfill it. In order to reduce the difference between the market rate and the circle rate of the property in Delhi, now a proposal has been made to increase the circle rate. This proposal to change the circuit rates has been sent to the Revenue Minister of Delhi Government. It is likely that after passing from there, it will be kept for cabinet approval. Although it is not yet decided how much the circle rate will change, but an increase of up to 30 percent is being estimated in the rates.

In such a situation, as soon as this proposal is passed by the cabinet, the price of flats and houses in the residential areas of Delhi will increase. However, many organizations including businessmen are protesting against this proposal of the Delhi government. He says that in the circumstances arising after Corona, buyers of the property are not already available, if the circle rate increases, then the problem of not only buying but also selling will arise in front of the people. However, till June 2022, there will be no change in the currently running circle rates. If the proposal is passed, then it will be implemented only after June.

It is worth noting that the market price of land in Delhi has increased in the last several years, but no change has been made in the circle rate. Earlier the circle rate was changed in Delhi in 2014. However, circle rates vary according to the facilities available in the areas in Delhi. In some places it is very much and in some places it is very less. Circle rate is a fixed standard rate by the district administration for the purchase of land, house or flat, below which the property cannot be bought or sold. Registration is done at this rate and a stamp duty of 5% of the rate has to be paid.

Demand to postpone the offer being made by the merchant
At a time when business in Delhi is still trying to recover from the huge losses caused by three rounds of covid in the last two years and real estate is also on the decline, there is no way to increase the circle rate of properties in Delhi. Efforts will also be contrary to the development of Delhi. At present, there is a discount of 20 per cent on the circle rates applicable to various categories. It is not yet clear whether the proposed increase will be at the subsidized rate or at the base rate, but if it is at the base rate, the 30 per cent increase will be 62.5 per cent at the subsidized rate, which is very high.

CAT’s Delhi State President Vipin Ahuja said that due to the Kovid epidemic, not only the traders but all the other sections and the common man of Delhi, all the savings have been exhausted because in the last two years there is no earning and expenses have doubled. Already, circle rates in some categories are higher than the actual market rate of properties. Market rates are hypothetical as there are no buyers of real estate in Delhi due to financial crunch faced by all sections of the people. The market price of real estate has not improved in the last several years, as a result of which a large proportion of people’s capital is stuck in the construction stage or in the built property and a large number of properties are lying vacant waiting for flat buyers.

Tags: delhi news, Own flat, Property, real estate

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