Delhi CM Slashes Flat 20 Percent From Circles Rates On Properties Till September 30, 2021

In a relief to home buyers and property dealers, Delhi Chief Minister Arvind Kejriwal has decided to slash circle rates by flat 20 percent.

New Delhi:  After a cabinet meeting that was chaired by Delhi Chief Minister Arvind Kejriwal, the Delhi government decided to slash circle rates for residential, commercial and industrial properties in Delhi by 20 percent flat until September 30, 2021.

Deputy Chief Minister Manish Sisodia took to Twitter and praised this decision stating 'a big relief for people willing to buy property and a big boost up for Real estate sector.'

A big decision by Hon CM @ArvindKejriwal. Circle Rates of Residential/Commercial/Industrial Properties in Delhi reduced by 20% across all categories for next 6 months. This would be a big relief for people willing to buy property and a big boost up for Real estate sector.

— Manish Sisodia (@msisodia) February 5, 2021

The decision was welcomed by property brokers and buyers alike, property brokers say tha this will motivate buyers to make decisions quickly. This decision comes in hope to boost the economy which has been battered by because of Covid-19 pandemic. According to a TOI report, he said "while we are slowly recovering from the economic contraction in the post-Covid era, it is the duty of our government to take all steps to further reduce the financial burden on the common man."

Welcoming the decision, Revenue Minister Kailash Gahlot will avoid stagnation in the sector, TOI quoted him as saying "We are facing tough times, and as an accountable government, we understand it is our duty to give maximum impetus to ensure the economy bounces back. This would require infrastructure, which is our biggest immovable asset, to pick pace. "Reduction in circle rates is a welcome step by our CM, and I hope this encourages more people to transact in real estate and avoid the stagnancy that would otherwise have occurred."