October 20, 2021

Reduced circle rates of properties in Delhi result in increased stamp duty collections, Real Estate News, ET RealEstate

NEW DELHI: 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…

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