Delhi Govt has announced a 20%reduction in circle prices for Properties and Immovable Assets.
To encourage real estate transactions, the Delhi government has announced a 20% reduction in circle prices for land and immovable assets.
On Friday, the Lt. Governor of Delhi's National Capital Territory announced a relaxation of the minimum rates (circle rates) for valuing lands and immovable assets in the region.
The new rates will take effect without prior notice, according to the notification. Both Registering Authorities in Delhi would recognize the above rates when registering instruments relating to lands and immovable assets under the provisions of the Indian Stamp Act, 1899 (2 of 1899) and the Indian Registration Act, 1908 (XVI of 1908) in force at the time.
These new rates are effective immediately and will remain in place until September 30.
For the next six months, the circles prices for residential,commercial, manufacturing, and other properties in Delhi have been reduced by 20%.
A 20% reduction in the circle rate will result in a 1% reduction in stamp duty or registration fees.
The circle rate would be reduced by 20%, resulting in a 1% reduction in stamp duty or registration fees.
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