Expensive Housing in Delhi: Circle Rates Set to Increase in 2023

Delhi Circle Rates 2023: A Boost for Farmers and Real Estate

Delhi’s Aam Aadmi Party government has recently made an important decision in the interest of farmers by announcing an increase in circle rates. This move comes after a long gap since the rates were last revised in 2008. The government has already sent the proposal to the Lieutenant Governor (LG) of Delhi, and the new rates will be applicable once approved by the LG.

Expensive House Construction in Delhi

Building a house in Delhi has always been an expensive affair due to various factors such as high land prices, construction costs, and government regulations. The increase in circle rates is expected to further impact the cost of constructing houses in the city.

A Big Decision for Farmers

The decision to raise circle rates is primarily aimed at benefiting farmers. Circle rates are the minimum prices at which properties can be registered during property transactions. By increasing these rates, the government intends to provide farmers with better compensation for their land when it is acquired for development projects.

No Revision Since 2008

It is worth noting that circle rates in Delhi have remained unchanged since 2008. This prolonged gap has led to a significant disparity between the market value of properties and their registered prices. The revision of circle rates will help bridge this gap and bring the registered prices in line with the current market rates.

Approval Pending from LG

The proposal to increase circle rates has been forwarded to the Lieutenant Governor of Delhi for approval. Once the LG gives the green light, the new rates will come into effect. The decision is eagerly awaited by both farmers and real estate developers in the city.