Delhi government to maintain 20% reduction in circle rates of properties till June 30

The Delhi government on Thursday said it will continue to reduce circle rates of residential or commercial or industrial and other properties in the capital by 20 per cent for the next six months till June 30, 2022.

"As the third wave of Covid is approaching, it is the duty of our government to take all steps to further reduce the financial burden on the common man," Revenue Minister Kailash Gahlot said.

"This decision is expected to make it substantially cheaper for people to do property transactions and help revive the real estate sector."

To boost the slumped economy after the devastating first wave of the pandemic, the Delhi government had earlier reduced the prevalent circle rates by 20 percentage points with effect from April 1, 2021 till September 30, 2021.

"It had provided much-needed relief to the home buyers in Delhi," the Delhi government said in a release.

Again due to the second wave of Covid-19, propelled by the Delta variant, which upended normal life and devastated millions of homes, the Delhi government further decided to continue the reduced circle rates for another three months with effect from October 1, 2021 to December 31, 2021.