New Delhi: Home prices in the city are set to zoom further as Delhi government on Wednesday hiked the circle rates -- the minimum valuation at which properties have to be registered with the government -- by upto 200 per cent mainly to check black money component in property transactions.
The rates in Category A colonies have been hiked by 200 per cent, category B by 50 per cent while in remaining coloneis the rates will go up by 22 per cent.
As per the rates approved by Delhi cabinet, 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 have been fixed at Rs 2,04,600 per square metre as against the current rate of Rs 1,36,400 per square metre.
Officials said a notification will be issued in two-three days following which the new circle rates would be effective.