The Delhi Cabinet-led by Chief Minister Arvind Kejriwal has announced to slash circle rates of properties in residential, commercial and industrial categories of colonies and areas in the city by 20 per cent for six months. The decision will come into effect from September 30, 2021.
Delhi chief minister hoped that this move will ensure economy’s revival post the COVID-19 pandemic.
“While we are slowly recovering from the economic contraction in the post-COVID era, it is the duty of our government to take all steps to further reduce the financial burden on the common man. It is expected that this decision by the government will make it “substantially cheaper” for people to do property transactions. It will revive the real estate sector which has been hit severely by the corona pandemic and create new jobs,” CM said.
Deputy Chief Minister of Delhi Manish Sisodia expressed confidence in this decision. He said that the move is a major boost for the real estate sector and it will be a “big relief” for people looking to own property.
Sisodia tweeted, “Residential/Commercial/Industrial Properties in Delhi reduced by 20% across all categories for next 6 months. This would be a big relief for people willing to buy property and a big boost up for Real estate sector”.
Revenue Minister Kailash Gahlot also welcomed the step by the CM and said that the reduction of circle rates will avoid the stagnation and boost the realty sector by promoting more transaction.
“We are facing tough times, and as an accountable government, we understand it is our duty to give maximum impetus to ensure the economy bounces back. This would require infrastructure, which is our biggest immovable asset, to pick pace,” Gahlot said.
The actual collection from property registration by November 2020 was Rs 1,830 crore against a target of Rs 5,300 crore.