Registering your newly-purchased property will become costlier from Wednesday. The Delhi government will notify the new circle rates on Tuesday and they will come into effect from the next day.
"The Lieutenant Governor has approved the hike in the circle rates. We will notify the order tomorrow (Tuesday) and it will be applicable from December 5," Delhi chief secretary Praveen Kumar Tripathi said.
While there is a 200% increase in circle rates in Category A colonies, the rates have been increased by around 25% in the remaining seven category of colonies.
The minimum rate for registration in Category A colonies has been increased from Rs. 2.15 lakh per square metre to Rs. 6.45 lakh per square metre.
Golf Links, Aurangzeb Road, Amrita Shergill Marg, Vasant Vihar, Defence Colony, Gulmohar Park and Panchsheel Enclave are some residential colonies that fall in category A.
On the basis of the recommendations of a committee set up the revenue department, the Delhi cabinet had approved the new circle rates in its meeting on November 22. This is third time circle rates have been revised since they were first implemented in Delhi in 2007.
Circle rate is the minimum valuation of a property in that particular area.
Though the revision of circle rates is meant to remove the gap between the minimum rates at which the sale deeds of properties are registered and the market value, Delhi government officials accept there still is a huge difference between the market value and the circle rates in all categories of residential and commercial properties.