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Property Registration will be 20% Cheaper till June 2022

By Komal Kinger      Jan 05, 2022      0 Comments      4,230 Views
Property Registration will be Cheaper

On 30th December, 2021 Delhi Government extended the 20 percent allowance on circle rate for land and immovable property till June 2022 , in consonance with the official order given by the revenue department of Delhi. [1]

Delhi Revenue Minister Mr. Kailash Gahlot said in a tweet: "The Delhi government's announcement of a 20% reduction in circular rates for all categories will be in effect until June 30, 2022. We promise all Delhiites that, under the leadership of Hon'ble Chief Minister @ArvindKejriwal ji, we would continue to stand with our people in times of need."

The minister also shared the copy of the order 

"In pursuance of rule 4 of the Delhi Stamp (Prevention of Undervaluation of Instruments) Rules, 2007, reviewed with the Ministry of Home Affairs, Government of India, read with subsequent Notification of this Government No. F.1(2854) dated the 30th September, 2021 the Lt. Governor of the National Capital Territory of Delhi hereby notifies the extension of relaxation of 20% in the minimum rates (Circle rates) till 30.06.2022 for valuation of lands and immovable properties in Delhi for the purposes of the said Act and Rules made there under, annexed to this notification and since it is considered that these extensions of minimum rates should be brought into force at once, The Lt. Governor also orders that they go into effect right away, without being publicized first.

All Registering Authorities in Delhi shall continue to consider the above rates, among other things, for the registration of instruments relating to lands and immovable properties under the provisions of the Indian Stamp Act, 1899 (2 of 1899) and the Indian Registration Act, 1908 (XVI of 1908) as in effect in Delhi at the time of registration of instruments.” [2]

Circle Rates are the government-determined prices below which properties cannot be registered in the government's records, according to real estate law. In some markets, circle rates are also referred to as ready reckoner rates, guideline values, or collector rates. Stamp duty and registration charges on a property transaction are computed using the circle rates of the area in which the property is located.

The decision is intended to stimulate revenue for the union territory government at a time when profits have been affected hard by the impact of the second wave of the Coronavirus outbreak. In Delhi, circle tariffs were last updated in 2014. 

The incentive programme, which began in February 2021 in response to the COVID-19 outbreak, was set to terminate on September 30, 2021, according to officials. It was extended till December 31st in September. The extension of the 20% circle rate exemption will benefit Delhi's COVID-affected real estate sector.

Property in Delhi is classified into eight categories, ranging from 'A' to 'H,' as per Revenue Department authorities. The most advanced areas fall into the 'A' category, while the least developed areas belong into the 'H' category.

The existing circular pricing of land in 'A' category localities will be reduced from Rs 7.74 lakh per square metre to Rs 6.19 lakh under the government's rebate scheme, authorities said. Thus rendering them, the circular charge in 'H' category regions will be cut from Rs 23,280 to Rs 18,624 per square metre.


[1] http://revenue.delhi.gov.in/wps/wcm/connect/DoIT_Revenue/revenue/home

[2]http://revenue.delhi.gov.in/wps/wcm/connect/DoIT_Revenue/revenue/our+services/notification+of+circle+rates+till+30.06.2022



Tags:
Real Estate ActProperty RegistrationDelhi GovernmentKailash GahlotMinistry of Home AffairsGovernment of IndiaIndian Stamp Act 1899 COVID19
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