The Delhi government’s decision to slash circle rates of properties by 20 per cent to aid the Covid-hit economy has shown increase in stamp duty collections of the revenue department, officials said. The government had in February reduced the circle rates for residential, commercial and industrial properties across all eight categories. The rebate was further extended beyond September 30, till year end.
The move aimed at boosting the real estate market and the economy hit due to the pandemic and lockdowns has yielded good results, officials said.
The property registrations in the city picked up as phased reopening from lockdown began in June this year.
“A total of 1,22,499 properties were registered by mid September this year leading to stamp duty collections of over Rs 1,371 crore. In comparison, stamp duty collection was Rs 1,155 crore in 2020 that was badly hit by Covid and lockdown,” said a senior officer.
The stamp duty collection in June 2021 was Rs 313.13 crore, while it was Rs 150.67 crore in 2020. In July, 2021 it was Rs 380.86 crore as compared to Rs 214.84 crore in July 2020.
The stamp duty from property registration was Rs 318.75 crore in August 2021, while it was Rs 201.62 crore in August 2020, he said.
The reduced circle rate has also increased the registrations per month thus boosting revenue, added the officer.
The circle rates in Delhi are divided into eight categories of ‘A’ to ‘H’ with lowering property value depending on the area.