The stranglehold of black money on Delhi's property market may loosen and deals may get a little more transparent soon. The Delhi Government has decided to introduce circle rate - the minimum price of a property in a particular area on which registration would take place and stamp duty charged. A proposal to this effect is likely to come up in the Cabinet meeting on Monday.
According to a Delhi Cabinet note, circle rates are proposed to divide Delhi into eight parts on the lines of categorisation of colonies for property tax evaluations and rates for registration. There are eight categories - A,B,C,D,E, F, G and H.
Although Ghaziabad, Noida and Gurgaon have their circle rates, Delhi had not got its own so far leading to routine undervaluation and evasion of stamp duty during sale and purchase of property in the city. Due to MCD elections, the Sheila Dikshit Government had decided to put on hold this proposal.