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Realtors say that amid rising interest rates, the relief will be a good incentive for homebuyers, who will also benefit from lower stamp duty
The average increase is likely to be 20-30 percent depending on the area; may go up to as high as 50 percent in dense IT corridors.
Delhi government on Monday while announcing the hike said that in south and New Delhi, the new rates will be Rs 5 crore per acre while in north, west, north-west and south-west it will be Rs 3 crore per acre. In central and south-east Delhi, new rates are Rs 2.5 crore per acre while in Shahdara, east and north-east, it is Rs 2.25 crore per acre.
In most prime locations, or CBD areas, the difference between the guidance value and actual property prices is about 40-50 percent, while in the outskirts it's about 30 percent, local brokers say.
Experts say the Silicon Valley of India needs to be more tech-savvy when it comes to property tax collection.