Delhi government on Friday announced that it’s reducing property circle rates of properties by 20 per cent for subsequent six months across all categories during a bid to supply an enormous boost to the COVID-19 hit land sector. The reduction in circle rates will apply to all or any residential, commercial and industrial properties in Delhi.
The decision to scale back the circle rates was taken during a Delhi government Cabinet meeting chaired by Chief Minister Arvind Kejriwal. Delhi Deputy Chief Minister Manish Sisodia announced the circle rate reduction on Twitter.
A big decision by Hon CM @ArvindKejriwal. Circle Rates of 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.
— Manish Sisodia (@msisodia) February 5, 2021
I am sure this step will help in giving a boost to economy post COVID.
property circle. https://t.co/vdgQXXcGhc
— Arvind Kejriwal (@ArvindKejriwal) February 5, 2021
Circle rate is that the minimum value at which the sale or transfer of a plot, built-up house, apartment or a billboard property can occur. This rate is about by the state government’s revenue department or the local development authorities.