New Delhi, Feb 27 (IANS): The Delhi government has notified the 20 per cent reduced circle rates for land and immovable properties to boost transactions in real estate.

Recently, Mumbai had cut stamp duty rates which led to a massive increase in people buying and selling properties.

The Lt. Governor of the National Capital Territory of Delhi notified the relaxation in the minimum rates (circle rates) for valuation of lands and immovable properties in Delhi on Friday.

As per the notification, the new rates will come into force without previous publication. The above rates will be taken into consideration for registration of instruments relating to lands and immovable properties in Delhi by all the Registering Authorities under the provisions of the Indian Stamp Act, 1899 (2 of 1899) and the Indian Registration Act, 1908 (XVI of 1908) as in force in Delhi at the time of registration of instruments.

These revised rates shall come into force with immediate effect till September 30.

The circles rates has been reduced for residential, commercial, industrial and other properties in Delhi by 20% for the next six months.

A reduction of 20% in the circle rate would have an impact close to reduction by 1% in the stamp duty or registration charges.

The revised rates will be applicable till September 30 this year. The reduction in circle rates will help people in substantially cheaper property transactions and revive the real estate sector that has witnessed slump due to the unprecedented Covid-19 pandemic.