Delhi property prices may rise as government plans revision of circle rates

Delhi properties are expected to become more expensive in the coming months, with the Delhi Government initiating steps to revise the existing circle rates. In a high-level meeting chaired by Chief Minister Rekha Gupta, a directive was issued to form a committee led by the Divisional Commissioner to re-evaluate the prevailing rates, which currently vary widely across different parts of the city.

The committee has been tasked with presenting a report aligned with current market conditions and property values.

The meeting focused on enhancing infrastructure and improving the ease of doing business in the national capital. It was attended by Cabinet Minister Manjinder Singh Sirsa, officials from the Municipal Corporation of Delhi (MCD), Delhi Development Authority (DDA), Delhi Metro Rail Corporation (DMRC), Registrar of Co-operative Societies and representatives of the Confederation of Indian Industry (CII).

Addressing the development of unauthorised colonies was a key priority. The DDA and Urban Development Department were instructed to submit detailed reports on ownership rights and property registrations in such areas. These efforts aim to resolve legal ambiguities and accelerate developmental work in neglected zones.

To make Delhi more business-friendly, the task force was urged to simplify and automate regulatory procedures. The emphasis was on establishing a single-window clearance system, introducing uniform norms and ensuring time-bound approvals.

The reduction of amalgamation charges for residential and commercial plots was also discussed as a move to ease real estate transactions.

In a notable policy shift, the Green Building Policy - so far applicable only to commercial structures - will now extend to residential areas. This expansion aims to prioritise environmentally sustainable development city-wide, balancing growth with ecological concerns.