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Delhi government extends 20% reduction in circle rates till December 31, Real Estate News, ET RealEstate

Delhi government extends 20% reduction in circle rates till December 31, Real Estate News, ET RealEstate
NEW DELHI: In a boost to the real estate sector, the Delhi government on Thursday decided to extend the 20-per cent rebate in circle rates for three months till December 31, with Chief Minister Arvind Kejriwal saying his dispensation will keep supporting Delhiites on every front. The rebate scheme was launched in February this year amid the COVID-19 pandemic and was to end on September 30, officials said.

Announcing the decision on Twitter, Kejriwal said, “The 20% rebate in circle rates will continue. We will not let anything trouble Delhi people during this pandemic. We will stand with Delhi people at every front and every step.”

Delhi Revenue Minister Kailash Gahlot also said that the government will help the public in all times of need.

“With the city slowly recovering from the aftermath of COVID, here’s another good news for Delhiites !!! We have further extended the 20% slash in Circle rates till 31st Dec 21. Under CM Arvind Kejriwal ji, Delhi govt will support public in all times of need,” Gahlot tweeted.

Government officials said that the scheme to reduce circle rates by 20 per cent was introduced by the AAP dispensation in February this year to revive real estate sector which has been severely hit by the pandemic.

According to revenue department officials, properties in Delhi are categorised in eight classes from ‘A’ to ‘H’, with posh areas falling under ‘A’ and the least developed areas in ‘H’ category.

In this scheme, existing circle rate of land in ‘A’ category areas — Rs 7.74 lakh per square metre — will go down to Rs 6.19 lakh per square metre, officials said.

In ‘H’ category, the circle rate will be reduced from Rs 23,280 to Rs 18,624 per square metre after rebate of 20 per cent, officials added.

Officials said the move will help in giving a boost to the economy.


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