The Delhi government has recently cut circle rates by 20 per cent for six months as part of its efforts to provide relief to the real estate sector reeling under the impact of COVID-19 pandemic. This step will bring down the capital city’s exorbitant property prices. Properties of both types in the city are a part of new order. Many reports says, the main aim is to increase the demand factor in the city’s realty as it has been lying low for a long time.
This move by the government was welcomed by the real estate developers and industry stakeholders. All experts unanimously believe that the circle rates now decreased will lead to lower prices in real estate and would therefore attract more buyers. Many interested buyers were left out due to high prices of property in the city. As per the research, there are about 546,000 unsold units across India’s top seven cities priced up to Rs 1.5 crore, with another 49,500 units priced between Rs 1.5 crore and Rs 2.5 crore.
Mr Pradeep Aggarwal, Founder & Chairman, Signature Global Group, Chairman, ASSOCHAM, National Council on Real Estate, Housing and Urban Development, says, “The real estate prices in Delhi were historically higher than the rest of NCR. Now with this decision, there will be some parity in the prices of property in Delhi and that of NCR. The move is positive and will particularly help the real estate segment which has been badly impacted and struggling in the last few quarter due to the corona pandemic.