Property rates shoot through the ceiling | delhi | Hindustan Times
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Property rates shoot through the ceiling

delhi Updated: Mar 20, 2011 00:06 IST
Prabhu Razdan

With the district administration raising the circle rates in the city two to five times with immediate effect, buying property has become costlier in Faridabad. The decision is aimed at increasing revenue generation, officials said.

"The circle rates were increased between two and five times of the existing circle rates in different areas. The enhanced circle rates were released on Friday evening to be enforced with immediate effect," Faridabad deputy commissioner Praveen Kumar told the Hindustan Times. "The idea behind upward revision was to generate more revenue as the circle rates were less in Faridabad compared to Gurgaon," he added.

At present, revenue collection from property registration per month in Faridabad district has been Rs 15 crore.

But after the hike, the circle rate of, for instance, NIT area's NH-2 residential has been fixed at Rs 25,000 per 500 square yard, whereas its Nehru Ground area will have a circle rate of Rs 40,000 per 500 square yard. Similarly, circle rates in residential and commercial areas of Sector 37 have respectively been fixed at Rs 45,000 and Rs 90,000.

In Sector 21 A and B, the circle rate of 350 square yard has been fixed at Rs 45,000. Similarly in Sector 28, the circle rate has been fixed at Rs 45,000 per square yard in residential areas.

Earlier, the district administration had hiked the circle rates up to 25% from April 1, 2010 since the rates had not been hiked during recession.

"The state government has not done justice to the people of Faridabad as increasing circle rates will make buying houses very difficult for the common man," said Krishenpal Gujjar, local MLA and Haryana BJP chief.