New Delhi, Oct 12 (Calcutta Tube) Property prices are set to shoot up in the Indian capital. The Delhi government Tuesday doubled ‘circle rates’ — the minimum selling price of a plot.
In a bid to generate more revenue for itself in the form of stamp duty, the Delhi cabinet hiked June 14 the ‘circle rates’ based on localities in place of the existing system.
But the matter was put on hold in the wake of differences within the Congress-led government.
On Tuesday, at a meeting chaired by Chief Minister Sheila Dikshit, the Delhi government agreed to double the circle rates.
Dikshit told reporters that the move was aimed at curbing black money in property transaction.
The existing ‘circle rates’ were introduced in Delhi in 2007.
The previous ‘circle rates’ based on the Municipal Corporation of Delhi (MCD) categorisation were Rs.43,000 per sq metre for Category A colonies, Rs.34,100 for Category B, Rs.27,300 for Category C, Rs.21,800 for Category D, Rs.18,400 for Category E, Rs.16,100 for Category F, Rs.13,700 for Category G and Rs.6,900 for Category H localities.
Now, Category A will be priced at Rs.86,000 per sq metre while the lowest – Category H – will have a fixed price of Rs.13,800.
Public Works Department Minister Raj Kumar Chauhan told IANS that ‘circle rates’ were still lower in Delhi than in neighbouring Noida (Uttar Pradesh) and Gurgaon (Haryana).
He said the new rates will come into force after Lt Governor Tejendra Khanna approves the government decision.
In no time, the Bharatiya Janata Party (BJP) denounced the move and asked Lt Governor Khanna not to give his assent to the decision.
‘The despotic government of Delhi has gifted the people one more gift of economic burden ahead of Diwali,’ said Vijendra Gupta, president of the BJP’s Delhi unit.
He said the decision would make it difficult for people to buy plots.