Circle Rates may go up in Delhi

Delhi/NCR: Delhi and National capital regions are witnessing an economic downturn. Since the collections in the third quarter of the financial year are dull and only 40% of the target of around Rs 28,000 crore from all resources is achieved. Hence the Delhi government is likely to increase the circle rates (The minimum rate decided by the government authorities for valuation of land in a particular area). Also the authority is planning to start the registration of properties in 312 illegal colonies located on private land.So far, expenditure stands at 31% of the total layout for this financial year. Last year at the end of the second quarter in September, the expenditure was around 26%. Hence, this year Delhi has done better. However, with revenue targets not being met, the government is looking at strengthening its resource base.The VAT (a form of consumption tax) collections are very low with just about 50% of the target set for this year. The collections from stamp duty and registration of property and other documents are also not better.The reason for poor VAT collections is the slow-moving market, a result of recession, causing buyers and investors to stay away from the market. The low collections from stamp duty and registration of properties are blamed on a sluggish real estate market. Also, ever since restrictions were imposed on registration of properties, fewer people have come forward to register their properties.To increase collections from stamp duty, it was suggested that the circle rates may be revised at the earliest. The existing rates are not at par with the market rate of properties, particularly in the upscale colonies of A and B categories like Vasant Vihar, Jor Bagh, Golf Links, Maharani Bagh, Friends Colony, Greater Kailash and Defence Colony. A proposal on circle rates revision is likely to be finalized soon.займ на карту без отказов круглосуточновзять кредит онлайн