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The Delhi government's plan to revise circle rates of residential and commercial areas in the capital is being reworked after objections and suggestions from the finance department. The proposal aims to address the gap between existing circle rates and market rates by proposing a hike of up to 35%. The revenue department is also considering downgrading or upgrading certain colonies based on their location, facilities, and market rates.

Officials said the previous plan prepared by the revenue department proposing the creation of sub-categories in A to H categories of residential areas with multiple slabs of circle rates was returned by the finance department with certain objections and suggestions.

Circle Rates: Sub-divisional magistrates have also been told to conduct surveys in their jurisdiction to ascertain the market value of different categories of land.

After a three-year hiatus, the circle rates may be revised in Noida with the stamp and registration department set to survey properties soon.

Usually revised annually and implemented from August 1, the administration had decided not to change the circle rates between 2020 and 2022 as the real estate sector was facing a slump after it was hit hard by the Covid-19 outbreak and the resultant lockdown.