Big News for home buyers! Buying home gets cheaper in National Capital—check big announcement by Delhi chief minister Arvind Kejriwal

Big News for home buyers: There is big announcement by Delhi government for those planning to buy their dream house. In a move that will reduce the prices of the house substantially in the National Capital and help common man buy their house at comparatively affordable price, Arvind Kejriwal-led Delhi government on February 5 reduced the circle rates of residential, commercial and industrial properties by 20 per cent. This reduction in circle rate has been initially announced for six months. This move will make property substantially cheaper in the national capital. 

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Delhi Cabinet that met under the chairmanship of Chief Minister Arvind Kejriwal decided to reduce circle rates of properties in residential, commercial and industrial categories in the city by 20 percent for six months, said a Zee News report 

The properties in Delhi are categorised in eight classes from 'A' to 'H', with posh areas falling under 'A' while least developed areas in 'H' category, officials said. The existing circle rate of land in 'A' category areas – Rs 7.74 lakh per square metre – will go down to Rs 6.19 lakh per square metre, they said. In 'H' category, the circle rate will be reduced from Rs 23,280 to Rs 18,624 per square meter, they added. The minimum construction cost of commercial properties will also decrease from Rs 25,200 square metre to Rs 20,160 square metre in 'A' category areas, the officials said. In 'H' category areas, it will go down from Rs 3,960 per square metre to Rs 3.168 square metre, they added.  

The minimum rate of built up flats (per square metre) in more than four-storeyed buildings will be reduced from Rs 87,840 to Rs 78,272.  

Kejriwal expressed hope that the step will help in giving a boost to economy post the COVID-19 pandemic. "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," he said.