Delhi govt reduces circle rates of properties by 20 pc for next 6 months

In a bid to give a boost to the real estate sector hit by coronavirus pandemic, the Delhi government on Friday reduced circle rates of properties by 20 per cent across all categories for the next six months.

The comes after a cabinet meeting chaired by Chief Minister Arvind Kejriwal, where a proposal of reducing the circle rates of residential or commercial or industrial and other properties in Delhi by 20 per cent for the next six months was approved.

The decision is expected to make it substantially cheaper for people to do property transactions, revive the real estate sector which has been hit severely by the Corona pandemic and create new jobs, said an official release of the Delhi government.

"A reduction of 20 per cent in the circle rate would have an impact close to reduction by 1 per cent in the stamp duty or registration charges. The department was directed to do an exercise accordingly," the release said.

Kejriwal said said that the decision has taken in the interest of the people. "While we are slowly recovering from the economic contraction in the post-Covid era, it is the duty of our government to take all steps to further reduce the financial burden on the common man," he added.

Following the decision, Deputy Chief Minister Msh Sisodia tweeted, "A big decision by Hon'ble CM Arvind Kejriwal. Circle Rates of Residential/Commercial/Industrial Properties in Delhi reduced by 20% across all categories for the next 6 months. This would be a big relief for people willing to buy the property and a big boost up for the Real estate sector."

( With inputs from ANI )