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Delhi Govt reduces circle rate by 20% for residential, commercial, industrial and other uses

Delhi Govt reduces circle rate by 20% for residential, commercial, industrial and other uses

File Photo for representation

New Delhi February 5, 2021:  Under the leadership of Chief Minister Arvind Kejriwal, the Delhi government has taken a historical decision today by which it has reduced circle rates of residential or commercial or industrial and other properties in Delhi by 20% for the next six months.
CM Arvind Kejriwal said that 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. This decision is expected to make it substantially cheaper for people to do property transactions, revive the real estate sector which has been hit severely by the Corona pandemic and create new jobs.

Chief Minister Arvind Kejriwal said, “In the interest of the people, the Delhi government has decided to reduce the circle rates by 20%. 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.”

In a statement issued by Revenue Minister Kailash Gahlot, he said “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. This reduction in Circle rates is a welcome step by our CM, and I hope this encourages more people to transact in real estate and avoid the stagnancy that would otherwise have occurred.”

Following the decision, Sisodia tweeted, “A big decision by CM Arvind Kejriwal. Circle Rates of Residential/Commercial/Industrial Properties in Delhi reduced by 20% across all categories for the next 6 months. This would be a big relief for people willing to buy the property and a big boost up for the Real estate sector.”

Today Delhi Chief Minister Arvind Kejriwal chaired the Cabinet meeting of the Delhi government where a proposal of reducing the circle rates of residential or commercial or industrial and other properties in Delhi by 20% for the next six months was approved. A reduction of 20% in the circle rate would have an impact close to a reduction by 1% in the stamp duty or registration charges. The department was directed to do an exercise accordingly.

The Economy by and large at the national level, in general, and the real estate sector, in particular, have witnessed huge slump due to the unprecedented COVID-19 pandemic. Lakhs of construction workers have lost their jobs. While the Kejriwal government has already provided direct monetary relief of Rs 10,000 for construction workers of Delhi, there was a need to revive the real estate sector and get the lost jobs back. Today’s decision of the Delhi Cabinet will help begin the long term recovery in the real estate sector.

By Lipakshi Seedhar: Staff Correspondent.

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