The new circle rates -- the minimum valuation at which properties have to be registered with the government -- came into effect in Delhi today, which is likely to push up property prices in the city.
The rates in Category A colonies have been hiked by 200 per cent, category B by 50 per cent while in remaining coloneis the rates will go up by 22 per cent.
As per the government order, Rs 6.45 lakh per square metre has been fixed as new circle rate for category A colonies like Greater Kailash, Defence Colony, Gulmohar Park, Panchsheel Enclave, Anandlok, Green Park, Golf Links and Hauz Khas.
This means nobody would be allowed to buy land and immovable properties in these colonies for less than Rs 6.45 lakh per square metre. The existing circle rate in category A colonies is Rs 2.15 lakh.
The rates in Category B neighbourhoods like Andrews Ganj, Kalkaji, Munirka Vihar and Nehru Enclave have been increased and fixed at Rs 2,04,600 per square metre as against the current rate of Rs 1,36,400 per square metre.
The circle rates were last hiked in October last year by upto 250 per cent.
Officials said the government decided to hike the circle rates to cut the black money component in property transactions.
Government expects to generate an additional revenue of Rs 200 crore from hike in circle rates.
In 2011-12, Delhi government had collected Rs 2,000 crore in revenue from registration of properties and Rs 1,300 crore has been collected so far in current fiscal.
For C category colonies, the circle rate has been hiked to Rs 1,33,224 per square metre from the current Rs 1,09,200 while in neighbourhoods under Category D the new rates will be Rs 1,06,384 as against existing rate of Rs 87,200.
The rate for colonies under category E has been hiked from Rs 47,840 to Rs 58,365 per square metre while for F category colonies, the rate will be Rs 47,140 as against the existing rate of Rs 38,640.
In respect of category G colonies, the new rate will be Rs 38,442 per square metre as against existing Rs 31,510 while for H