If the proposal is approved, rates in upscale colonies of 'A' category will go up by 200%. In 'B' category colonies, the hike will be a relatively modest 50%, while the next six categories - 'C' to 'H' - will see a uniform 25% increase. This will effectively spare people in middle class neighbourhoods and urban villages alike.
With assembly polls scheduled for later next year, the government seems to be playing safe.
Realty watchers say the proposed rates will neither check black market transactions in 'A' and 'B' category colonies nor burden middle and lower-middle classes.
For instance, the circle rate in 'A' category colonies is Rs 86,000 per sq metre. A 200% increase will raise it to Rs 2.58 lakh per sqm.
While the hike appears steep, it is way short of the prevailing rates in colonies like Jor Bagh, Vasant Vihar and Friends Colony. In these 'A' category colonies, the market rates are at least three to four times higher than the proposed rates. For instance, in Vasant Vihar, the market rate is around Rs 10 lakh per sqm. In Jor Bagh, the rate is around Rs 12 lakh per sqm.
For 'B' category colonies like Greater Kailash, Defence Colony and New Friends Colony, a 50% hike has been proposed, but experts say the increase is not significant as the existing circle rate is only Rs 68,000. The proposed revision will only mean an increase of Rs 34,000 per sqm. The market rates in colonies like Greater Kailash are in the range of Rs 5 lakh to Rs 6 lakh per sqm.
It's the same story in 'C' category colonies like Kalkaji and East of Kailash where the existing circle rate is Rs 54,600 per sq metre. Even after the proposed hike of 25%, the circle rate will not match the market rate which is roughly Rs 4 lakh per sqm.
The rate of increase for 'D' to 'H' categories is also proposed to be a uniform 25%. The prevailing rate in 'D' category is Rs 43,600 per sqm, Rs 36,800 per sqm in 'E' category, Rs 32,200 per sqm in 'F' category, Rs 27,400 per sqm in 'G' category and Rs 13,800 per sqm in 'H' category.
The idea to increase circle rates to beat the tax crunch came up after a meeting to assess the UT's finances last month. At the meeting, chaired by chief secretary P K Tripathi, it was revealed that various departments were falling short of their targets due to the slowdown, and the revenue department needed to improve its performance.
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