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20% rebate on circle rate in Delhi | Good for Real Estate Buyers?

Posted by kapoor Infra on June 23, 2022
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20% rebate on circle rate in Delhi | Good for Real Estate Buyers?

20% rebate on circle rate in Delhi

The Delhi government will extend a 20% rebate on circle rate in Delhi of land and immovable property for the next six months. Real estate experts say that this decision to continue with lower rates will help both home buyers and sellers.

But any change in circle rates should be announced only as a part of a wider citywide rationalization and colony reclassification exercise.

The Delhi government on December 31, 2021, extended the 20% rebate on circle rate in Delhi for land and immovable property till June 30, 2022, to help Delhi’s COVID-hit real estate sector. In September 2021, it was extended till December 31, 2021. The extension of 20% relaxation in circle rate was to help Delhi’s COVID-hit real estate sector.

The circle rates of properties in Delhi fall into eight categories of municipal areas – designated A to H. Circle rates or the official rates for land and real estate were last revised in 2014. In June 2021, the revenue department constituted four working groups to explore circle rate revision in residential, commercial, and industrial sectors.

Real estate experts have welcomed the government’s decision to extend the relaxation of 20 percent on the circle rate of land and real estate for another six months.

The 20% rebate on circle rate in Delhi last year has had a definite and positive impact on property transactions, especially in Category A localities like Maharani Bagh, New Friends Colony, Panchsheel Park, Vasant Vihar, and Hanuman Road. Many properties that were in the market for a long time but could not find buyers, were sold due to the relaxation in circle rate,” said Amit Goel, CEO, International Realty, India Sotheby’s.

The decision to continue with the lower rates will help home buyers and sellers. “Any change in circle rates should be announced only as a part of a comprehensive citywide rationalization and colony reclassification exercise. This is necessary to bring about a reconciliation between circle rates and actual market prices. We recommend that the department consider creating subcategories within A-H categories where necessary.

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