The economic slowdown has come to haunt the Delhi government. A review of the condition of the state exchequer, led by chief secretary PK Tripathi, on 18th October revealed that the government had much to worry about. The collections in the third quarter of the financial year are an unimpressive 40% of an ambitious target of around Rs 28,000 crore from all resources. A hike in circle rates and opening registration of properties in 312 illegal colonies located on private land that have been regularized recently may be announced to meet targets.
An unimpressive revenue collection from VAT and property registration have emerged as the main concerns. As far as plan expenditure is concerned, the government is on course according to the finance department. So far, expenditure stands at 31% of the total layout for this financial year. Last year at the end of the second quarter in September, plan expenditure was around 26%. Hence, this year Delhi has done better. However, with revenue targets not being met, the government is looking at strengthening its resource base.
The chief secretary, at a meeting with all heads of department, discussed the financial targets and how the collections can be bolstered in the remaining six months of the current fiscal. While VAT collections are dismally low with just about 50% of the target set for this year, the collections from stamp duty and registration of property and other documents are no better.
According to an assessment by the finance department, one of the reasons for the poor VAT collections can be attributed to the sluggish market, a result of recession. Buyers and investors are staying away from the markets while inflation has only added to the burden. The low collections from stamp duty and registration of properties is being blamed on a sluggish real estate market. Also, ever since restrictions were imposed on registration of properties on general power of attorney, fewer people have come forward to register their properties.
To bolster collections from stamp duty, it was suggested that the circle rates may be revised at the earliest. The existing rates are not at par with the market rate of properties, particularly in the upscale colonies of A and B categories like Vasant Vihar, Jor Bagh, Golf Links, Maharani Bagh, Friends Colony, Greater Kailash and Defence Colony. A proposal on circle rates revision is likely to be finalized soon so that it can be placed before the cabinet.
A policy on opening registration of properties in 312 unauthorised colonies located on private land that were regularized has been prepared and is being scrutinized by the law department.
Source: Times of India
Apartments, Flats and Property for Sale in New Delhi
Aug 01, 2015
Victorian Corporation is offering 2 bhk flat in Dwarka L Zone Delhi in its new residential project Victorian Privilege. The project is located in..
Jun 11, 2014
Antriksh Group launches a world class famous residential project of Antriksh Golf City noida. Types :Apartment, 2BHK, 3BHK Sizes :1050 - 1665 sq..
Apr 11, 2014
Well located apartment available for sale with all the modern amenities like power-backup, intercom, 24 hours security with CCTV surveillance,..
Mar 15, 2014
3 Bhk apartment for sale in rohini ........Please contact for more..
Mar 12, 2014
Available 1st and ground floor for sale at reasonable price,2+1 with 1 attached toilet,white marble flooring,modular kitchen,very near to main..
Feb 22, 2014
3 bhk apartment for sale in rohini delhi north.....please contact for more..
Feb 22, 2014
3 bhk apartment for sale is available in delhi north ..........please contact for more..
Feb 11, 2014
When you want to create a fresh perspective for your life, this is the best real estate option for you and your family. A self sufficient township..
Feb 10, 2014
Corner,200 yards (1800 sq Ft covered area),Freehold property,located in commercial road,in LAJPAT NAGAR-1, New Delhi.Three side balcony,3 Big Bed..
Dec 07, 2013
House is a building for human habitat on. It is one of the basic needs for many people, owning a home brings a sense of pride freedom that cannot..
Apartments, Flats and Property for Rent in New Delhi
Oct 10, 2016
Luxurious PG Accommodation for Studying and Working girls & Boys in Amity University Noida Sector 125. we have provided washing Machine,..
Jul 19, 2016
For Rent New Friends Colony, Newly Built Second Floor 3 Bedrooms attached bathrooms, Drawing-Dining, Modular Kitchen, Excellent Wood work, Car..
Jan 14, 2016
For Rent at New Friends Colony, Nicely Built Third Floor 3 Bedrooms Attached Bathrooms, Drawing, Dining, Modular Kitchen, Car Parking, Woodwork,..
Jan 14, 2016
FOR RENT DEFENCE COLONY NEWLY BUILT SECOND FLOOR 4 BEDROOMS ATTACHED BATHROOMS, DRAWING, DINING, MODULAR KITCHEN, CAR PARKING, LIFT, S.Q. RENT..
Jan 06, 2016
FOR RENT DEFENCE COLONY NEWLY BUILT SECOND FLOOR 4 BEDROOMS ATTACHED BATHROOMS, DRAWING, DINING, MODULAR KITCHEN, CAR PARKING, LIFT, RENT..
Mar 12, 2014
Available 1st floor on rent in affordable price,2+1 with 1 attached toilet,white marble flooring,modular kitchen,nice location,very near to main..
Feb 25, 2014
Fully furnished 1 room with attached bathroom surrounding by green..
Jan 04, 2014
We offer our 3 BHK furnished apartment in defence colony. Apartment has three bedrooms with attached bathrooms. It has a modular kitchen which is..
Jun 05, 2013
1 ROOM SET, 1 BHK AND 2 BHK FULLY - FUNISHED are available for Rent in New Delhi at VASANT..