The decision is expected to make it substantially cheaper for people to do property transactions and revive the real estate sector.
Delhi Chief Minister Arvind Kejriwal has provided great relief to the real estate sector, which was suffering from the economic crisis during the coronavirus epidemic. The Kejriwal government has reduced the circle rate by 20 percent on the sale and purchase of all types of properties in Delhi for the next 6 months. This will benefit thousands of people wanting to buy property and the real estate sector will also gain momentum.
Delhi Deputy Chief Minister Manish Sisodia took to Twitter to inform about the decision. A big decision by Hon CM Arvind Kejriwal. Circle Rates of Residential/Commercial/Industrial Properties in Delhi reduced by 20% across all categories for next 6 months. This would be a big relief for people willing to buy property and a big boost up for Real estate sector," he tweeted.
The comes after a cabinet meeting chaired by Chief Minister Arvind Kejriwal, where a proposal of reducing the circle rates of residential or commercial or industrial and other properties in Delhi by 20 per cent for the next six months was approved.
The decision is expected to make it substantially cheaper for people to do property transactions, revive the real estate sector which has been hit severely by the Corona pandemic and create new jobs, said an official release of the Delhi government.
"A reduction of 20 per cent in the circle rate would have an impact close to reduction by 1 per cent in the stamp duty or registration charges. The department was directed to do an exercise accordingly," the release said.
Kejriwal said that the decision has taken in the interest of the people. "While we are slowly recovering from the economic contraction in the post-Covid era, it is the duty of our government to take all steps to further reduce the financial burden on the common man," he added.
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