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Delhi To Double Circle Rates

The Delhi Cabinet has decided to increase the current circle rates for sale and purchase of property by 100% with an aim to improve fiscal health of the state exchequer. Chief Minister (CM) Sheila Dikshit has said that the new rates will be notified soon.This is for the first time that the circle rates have been increased after they were first introduced in the Capital. The circle rate of properties is the system in which the government fixes the minimum or maximum rate of the land depending on the category of colonies it falls in. The chief minister said that a decision to increase the existing circle rates was taken in order to mitigate the black money circulation in property transaction in Delhi. The circle rates were first introduced in Delhi in 2007, dividing the Capital into eight categories, and were notified under the provisions of the Delhi Stamp (Prevention of Undervaluation of Instruments) Rules, 2007 on July 18, 2007. The neighbouring states like Uttar Pradesh and Haryana have been increasing circle rates in respect of Noida and Gurgaon very frequently.