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."
A big decision by Hon CM @ArvindKejriwal. Circle Rates of Residential/Commercial/Industrial Properties in Delhi reduced by 20% 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.- Manish Sisodia (@msisodia) February 5, 2021
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.
I am sure this step will help in giving a boost to economy post COVID. https://t.co/vdgQXXcGhc- Arvind Kejriwal (@ArvindKejriwal) February 5, 2021
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.