Delhi Property Prises Set To Revise

New Delhi: Delhi Government yesterday revised the circle rates for

sale and purchase of properties in the capital, effecting a substantial increase for all colonies across the city which may result in rise in property prices.

The Delhi Cabinet, presided over by Chief Minister Sheila Dikshit, has fixed Rs 9,000 per square metre as the lowest rate while the upper limit will be Rs 1,25,000 per sq m. The circle rate is the minimum rate for valuation of land for residential use that differs for various categories of colonies.

The cabinet also decided to do away with fixing the rates based on categories of colonies decided by the MCD and prepared a fresh list of 2,480 colonies for which rates have been finalised considering

the available infrastructure and other parameters. As per the revised rates, Rs 1.25 lakh per sq m has been fixed for posh colonies like Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave, Anandlok, Green Park, Hauz Khas and Nehru Place.

Currently, the circle rate is Rs 43,000 per sq m for posh colonies falling in the category A. "We have decided to abolish the existing eight categories of colonies. The Revenue department has identified 2,480 colonies for which the new rates have been fixed," Chief Minister Sheila Dikshit said. Revenue Minister Raj Kumar Chouhan said the new rates will come into effect within next 20 days.

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