New Delhi, Oct 12 (ANI): The Delhi Cabinet on Tuesday enhanced the circle rates of properties by 100 per cent.
Briefing the media after the meeting, Chief Minister Sheila Dikshit said that such a decision to increase the existing circle rates was taken in order to mitigate the black money circulation in property transaction in Delhi.
The circle rates were first introduced in Delhi in 2007 and were notified under the provisions of the Delhi Stamp (Prevention of Undervaluation of Instruments) Rules, 2007 on July 18, 2007.
The rates were then notified to simplify the assessment of the stamp duty and bring in transparency, simplicity and efficiency in the process of registration.
Dikshit said the revision in circle rates would help in curbing the prevailing undervaluation of properties.
The neighbouring states such as Uttar Pradesh and Haryana have been enhancing circle rates in respect of NOIDA and Gurgaon very frequently.
As per the existing circle rates, the minimum rate for valuation of land for residential use approved by the Cabinet are - category A (Rs 43,000 per sqm), Category B (Rs 34,100 sqm), Category C (Rs 27,300 per sqm), Category D (Rs 21,800 per sqm), Category E (Rs 18,400 per sqm), Category F (Rs 16,100 per sqm), Category G (Rs 13,700), and Category H (Rs 6,900 per sqm). (ANI)