Delhi is ready to witness more of
property price hike as is suspected by the sources. As per the anticipated
outcomes Delhi Government, in order to have a check on black money flowing in
the property circuit, has decided to increase circle rates by 22 to 200
percent. This is because people expect property be costlier than it
currently is. Purchasing of houses or shops or any such infrastructure
developments shall become difficult. The circle rates which have now been
determined are in between Rs. 19.40 thousands for a sq. meter and Rs. 6.45 Lac
the minimum and maximum in respect.
The rates will come into
application only after the bill been sanctioned by deputy governor and reports
been published. Thrice an increment in the circle rates has been noticed within
the last 21 months where in Feb 2011 witnessed an increase by 200% in the A
league, Nov of the same year was witnessed having 2.5 times more the rates than
they earlier were while now there is a double the rate hike. Officials of the
Delhi Government reported that there’s a regulation for the increase in rates
every year but in 2011 where rates were increase twice, there was no hike of
rates in the previous two years.
Secretary of Taxation, Mr
Dharampal informed about the improvement in tax income of government as well as
transparency in the exchange of land and property reducing the flowing of
black income. As per various survey reports that were conducted on the market
the rates in the A and B league aren’t standard as yet but are low still.
According to political sources, since of the assembly elections next year and
the parliamentary elections of 2014 there probably can’t be any enhancements in
rates hence they are trying to compensate it now instead of pressurizing the
public later with a too much increment in the prices. This will also avoid many
issues, disputes and discrepancies.
The purchase and sale of
properties at present is carried on too less rates with respect to the market
costs. This step is expected to prove as a great milestone in the way of having
a control over dark income flow. For having better grip over such a money it’s
thought that the step is pretty much logical and has better options of getting
executed. Noida, Gurgaon and Faridabad areas of NCR have more circle rates in
this regard and the prices go on increasing every 5th or 6th month as is
observed
