Central Government is likely to increase circles rates in posh colonies of national capital by approx 200percent. According to the senior officials of Delhi Revenue department “government has taken this move to deter the irregularities of market and it would push up property prices, so that government does not lose revenue from registration fee and stamp duty.”
Whereas in several cases properties prices are not mentioned on paper so due to this government loses revenue on stamp duty and registration fees, the added.
However in the first quarter of this fiscal year city government has increased the circle rates by 100 percent.
Also said that circle rates has been proposed to be increased in the range of 50-200percent. However, the department is thinking on the proposal and soon will come out with the results, officials said. They added that, the hike may be around 200 per cent in posh colonies like Defence Colony, Golf Links and Gulmohar Park.