New Delhi: The Delhi government has initiated a process to revise the Line Circa Property in the National Capital, said the source on Tuesday.
The source also said that the Senior Revenue Department official committee has begun to evaluate the different levels of circles of various types of property landing.
The Committee tends to submit its report to the government in a month.
The landed property usually refers to property that generates income for owners without owners must do the actual work of the plantation.
In accordance with information, the circle level in the last capital increased in 2014 and according to him, the rate of circle remained dependent on the area categorized in eight classes from A to H.
The rate of circle in the field of Vasant ‘A’ Vihar is Rs 7.74 lakh per square meter While in the ‘H’ area that is mostly developed like Nand Nagri is Rs 23,280 per square meter.
In public notifications issued by East Delhi Regency, feedback including suggestions and objections from stakeholders have been sought from stakeholders to the level of housing, commercial and industrial and property circles on July 31.
In the midst of locking the city and its impact on the city’s economy, the Delhi government earlier this year cut the circle level for the property of housing, commercial, 20 percent.
The soil speed or any property is the threshold rate below its sale cannot be registered.
Safely said revisions at the circle level are expected to increase the revenue of Delhi’s Government, which has witnessed a decrease in stamp duty fees for property registration because of the Covid-19 pandemic.
Against the target of revenue more than RS 5,000 Crore from stamp duty in 2020-21, the Department collected Rs 3,297 Crore, especially because the economy slowed during a pandemic and lock, said an official in the Delhi government.