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Delhi cuts property circle rates by 20% for 6 months

The decision to reduce the circle rates was taken during a Delhi government Cabinet meeting chaired by Chief Minister Arvind Kejriwal

twitter-logoBusinessToday.In | February 5, 2021 | Updated 22:37 IST
Delhi cuts property circle rates by 20% for 6 months
Delhi Chief Minister Arvind Kejriwal

Delhi government on Friday announced that it is reducing circle rates of properties by 20 per cent for the next six months across all categories in a bid to provide a big boost to the COVID-19 hit real estate sector. The reduction in circle rates will apply to all residential, commercial and industrial properties in Delhi.

The decision to reduce the circle rates was taken during a Delhi government Cabinet meeting chaired by Chief Minister Arvind Kejriwal. Delhi Deputy Chief Minister Manish Sisodia announced the circle rate reduction on Twitter.

Sisodia wrote, "Circle rates of residential/commercial/industrial properties in Delhi reduced by 20 per cent across all categories for next 6 months. This would be a big relief for people willing to buy property and a big boost up for real estate sector."

CM Arvind Kejriwal retweeted Sisodia's post saying that the move to reduce circle rate by 20 per cent will help in giving a boost to the post-COVID-19 economy.

Circle rate is the minimum value at which the sale or transfer of a plot, built-up house, apartment or a commercial property can occur. This rate is set by the state government's revenue department or the local development authorities.

Also Read: Demonetisation, RERA impact: Circle rates, property value may see rise a year from now

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