Circle rate hike: Proposal before cabinet likely today
Delhiites should brace themselves for yet another hike in circle rates with the Delhi revenue department likely to place a proposal before the Delhi cabinet on Wednesday. HT reports.delhi Updated: Nov 21, 2012 00:16 IST
Delhiites should brace themselves for yet another hike in circle rates with the Delhi revenue department likely to place a proposal before the Delhi cabinet on Wednesday.
Source said a steep hike to the tune of 200% in the top-category —category A —properties is in the offing.
Circle rates of the B category properties may see a jump of 50% and the properties in the remaining six categories —C to H —will see a possible jump of 25%.
The move will effectively spare people both in middle class neighbourhoods and urban villages across the city.
Circle rates are charged on the basis of categories prescribed by the civic agencies for calculation of property tax under the unit area method, wherein the entire city has been divided into eight categories A to H (A stands for posh colonies).
Though seen as an effort to generate revenue by many, sources in the state government said the rates might be brought down to appease the vote bank ahead of the assembly elections next year. However, Delhi government officials said a revision is crucial at this stage to increase revenue.
“Revision of the circle rates is necessary to make property rates more realistic and bring them closer to market rates. This will also eliminate the role of black money in property transactions,” said a senior Delhi government official.