Buying properties in Delhi is set to become expensive, CM Rekha Gupta takes BIG step

Buying a property in Delhi, is soon going to hit your pocket a little more. It is set to become expensive. Delhi government led by CM Rekha Gupta is revising the existing circle rates, which may lead to rise in property prices. This move is taken to increase the revenue of the government.

CM Rekha Gupta led a high level meeting in Delhi. Cabinet Minister Manjinder Singh Sirsa, officials from the Municipal Corporation of Delhi (MCD), Delhi Development Authority (DDA), Delhi Metro Rail Corporation (DMRC), Registrar of Co-operative Societies and representatives of the Confederation of Indian Industry (CII) were present at the high-level meet. 

What was discussed in the meeting?

CM Rekha Gupta directed officials to form a committee led by the Divisional Commissioner. The committee will be assigned to re-evaluate the current circle rates, i.e. minimum price per square meter fixed by the government for registering properties. Circle rates vary widely across different areas of the city, as per reports. It is also tasked to study current property values and market trends. 

CM instructed the committee to submit a report recommending revised circle rates. This action is taken to bringing uniformity and transparency to property transactions and increase government revenue.

The meeting also focused on improving infrastructure and ease of doing business in the national capital, by bringing uniformity in the norms. Redevelopment of unauthorized colonies was also discussed, focus was on concerns like ownership rights and registration issues. The DDA and Urban Development Department was urged to submit a proper detailed report on it.

Other discussion were focused on:

1. Slum redevelopment through public-private partnerships
2. Create a single-window clearance system for approvals. 
3. Proposals to reduce high amalgamation charges for both residential and commercial plots
4. Expansion of the Green Building Policy to now also include residential areas apart from commercial buildings.