On the other hand, there are many colonies where the circle rates are much below the current market rates. In such a situation, the officials are also worried about the possible loss of tax revenue.
Experts believe that in both the cases this can be done by rationalizing the circle rates or by reclassifying the colonies as per the current trends.
Circle rates are the standard value of the property below which one cannot register his property deals.
According to data compiled by Bharat Sotheby’s International Realty, the market rate in many ‘Category A’ colonies is much lower than the circle rate of Rs 7.74 lakh per square metre.
For example the market rate in Panchsheel Park is Rs 3.3 lakh per square meter, in Maharani Bagh Rs 4.6 lakh per square meter and in New Friends Colony Rs 3.5 lakh per square metre.
In contrast, there are many colonies in ‘Category B’, where the market rate is much higher than the circle rate of Rs 2.46 lakh per square metre. For example, the market rate in Defense Colony is Rs 6.7 lakh per square meter and in Greater Kailash-I it is Rs 5.2 lakh per square metre.
Due to these discrepancies many buyers and sellers are facing difficulties in transactions.
Source: navbharattimes.indiatimes.com
: Language Inputs
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