Traders in New Delhi are regretting over the exponential increase of the land rates in this region. In past 5 years, 65 of the properties, mostly commercial properties have been converted from leasehold to freehold in New Delhi Municipal Council (NDMC) areas. The main reason why the land rates have significantly increased is a crucial element that is estimating the property conversion charges from Rs 28,980 per sq mt to Rs 19.35 lakh per sq mt for commercial spaces.The lands are so much overpriced that nobody can actually afford it. According to the President of the Khan Market Traders Association, as per the Land and Development Office, the land rates in NDMC areas are Rs. 28,980 per sq metre for Khan Market and it is highly unacceptable to charge Rs, 19.35 lakh per sq mt.The revising circle rates by the Delhi government at regular intervals have resulted in increased land prices. The commercial properties in NDMC areas is priced Rs. 19.35 lakh per sq mt whereas residential rate is Rs. 6.45 lakh. There are around 11 properties that have been changed by Land and Development Office. After the request of the traders, the chairperson has ordered the Committee to look into the issue but still no action has taken place.NDMC officials said that they accept the fact that the land rates have increased exponentially but the rates can be revised only by the Union Urban Development Ministry. Previously the difference between the land rate and the circle rate was not much but the revision in circle rates has considerably affected the land rate. Land rates play a vital role while converting a property from leasehold to freehold. The officials further said that circle rates can’t be converted to land rates.However, the Land and Development Office have currently sent a cabinet notice to NDMC for revising the land rates.займ на карту без отказов круглосуточновзять кредит онлайн