Capital properties all set to escalate further with Delhi government on Monday hiking the circle rates, the minimum valuation at which properties have to be registered up to 20 per cent.
As per the decision approved by Lt Governor Najeeb Jung, circle rate has been perk up by Rs 7.74 lakh per square metre of land against Rs 6.45 lakh, especially in the places like Golf Link, Hauz Khas, Green Park, Anandlok, GK, Defence Colony, Gulmohar Park and Panchsheel.
Very clear that now nobody will able to buy properties in these colonies for less than Rs 6.45 lakh per sq m. And every soon the rate will come into effect.
On the other hand, category B neighborhood like Kalkaji, Nehru Enclave, Andrews Ganj and Munirka Vihar have been escalated by Rs 2,45,520 from Rs 2,04,600 per sq m.Last time the properties rates were revised in the year 2012 and then it was a big hike of 200 per cent.
On the different side, category C colonies rates were hiked to Rs 1,59,840 from current Rs 1,33,224 per square metre, whereas, properties in category D shown a hike of Rs 1,27,680 against Rs 1,06,384.
Also the properties fall in category E has boost up from Rs 58,367 to Rs 70,080 per square metre while for F category rate are Rs 56,640 from 47,140.
Even category G colonies rates have also increased from Rs 38,442 from 46,200 per square meter, likewise, category H colonies have hiked to Rs 23,280 from Rs 19,361. Earlier, the circle rates were first introduced in Delhi in the 2007 year, which divided capital into eight categories and were notified under the provision of the Delhi stamp (Prevention of Undervaluation of Instruments) Rules, 2007 on July 18 2007.
According to the officials the minimum property rates for a commercial sectional will considered on the bases of the age of the building and minimum rate of construction.
- Category A colonies, construction for residential Rs 21,960 and Rs 25,200 for commercial use.
- Category B colonies, construction for residential Rs 17,400 and Rs 19,920 for commercial use.
- Category C colonies, construction for residential Rs 13,920 and Rs 15,960 for commercial use.
- Category D colonies, construction for residential Rs 11,160 and Rs 12,840 for commercial use.
- Category E colonies, construction for residential Rs 9.360 and Rs10,800 for commercial use.
- Category F colonies, construction for residential Rs 8,220 and Rs 9,480 for commercial use.
The government has amended some specific criteria for proper valuation of the property based on the period of the property and a point system has been introduced based on the year of completion of the property.
For example, property constructed in 1960 will get 0.5 points, where in 1960-69 will get 0.6 points and those in 1970-79 will hold 0.7 along with the property built in 1980-89 will get 0.8 and from 1990-2000 get 0.9 points. And building from 2000 onwards will get 1 point.
Also, if the plinth area is up to 30 sq m then the minimum built up area for DDA area and group housing societies will be Rs 50,400,where as for commercial use it will be minimum Rs 57,840.
