New circle rates of properties in Delhi go into force

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 colonies 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. Source: articles.economictimes.indiatimes.com