Rates increased for the first time since 2007 introduction
Jasleen Kaur | October 12, 2010
The Delhi government on Monday decided to increase circle rates, used for valuation of land and immovable properties for the purpose of chargeability of the stamp duty on the instruments, by 100 percent.
Chief minister Sheila Dikshit said that the existing rates have been increased in order to check the black money being pumped into property transactions in the city.
The rates have been increased for the first time since their introduction in 2007. They were notified under the provisions of the Delhi Stamp (Prevention of Undervaluation of Instruments) Rules, 2007 on July 18, 2007. The rates were notified then to simplify the assessment of the Stamp Duty and bring in transparency, simplicity and efficiency in the process of registration.
Dikshit added that the revision in circle rates will help in curbing the prevailing undervaluation of properties.
Circle rates in the national capital region (NCR) have been hiked frequently, especially in Noida and Gurgaon. The new rates will come into force after issue of notification.
Before the hike the circle rates based on the MCD categorisation for the Residential Property Tax were Rs.43,000/- per sq. meter for Category-A, 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/- per sq. meter for Category H.
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