Circle rates in Delhi to be hiked by 35%? Work in progress to redraw proposal

economictimes.indiatimes.com:

Delhi government's plan to revise circle rates of residential and commercial areas in the capital is back on the drawing board, reported TOI.
According to officials the previous plan prepared by the revenue department proposing the creation of sub-categories in A to H categories of residential areas with multiple slabs of circle rates was returned by the finance department with certain objections and suggestions.

«We have decided to carefully study the suggestions and rework our proposal,» said a senior revenue department official.

«Since there is a big gap in the existing circle rates and the market rate at which the sale and purchase of properties take place, we will propose a hike of up to 35%. But based on the feedback received from the stakeholders, we will also consider downgrading or upgrading the categories of certain colonies based on their location, facilities and existing market rates,» the official said.
Circle rates, or minimum rates for valuation of land and immovable property in the national capital, were last hiked for residential areas in all existing categories in 2014.

But earlier this month, the government raised the circle rate for agricultural property from the fixed amount of Rs 53 lakh per acre set in 2008 to between Rs 2 crore and Rs 5 crore, depending on the area.

In order to provide recommendations for revising the rates, the Delhi government established an empowered committee in 2016 and four working groups in 2021. However, no final decision could be made.

In order to increase government revenue in areas other than GST, the former deputy CM Manish Sisodia stressed the need to revise circle rates in accordance with market rates in March 2022. LG VK Saxena also requested that the revenue