India Sotheby”s International Realty has requested Delhi government to extend the benefit of a 20 percent reduction in the circle rates beyond September in view of the second wave of the COVID-19 pandemic.
In February, this year, the Delhi government had announced that the circle rates related to residential, commercial, and industrial properties in Delhi will be reduced by a flat 20 percent across all categories of colonies and areas till September 30, 2021.
The CEO of India Sotheby”s International Realty, Amit Goyal said “Nearly two months were lost due to the second wave of the pandemic and consequent lockdowns. Real estate transactions take anywhere from four to six months to close, and Delhi citizens can lose out on this benefit if not extended”.
On problems in registration of properties, Goyal said: “With the second wave of COVID now much more under control in Delhi, our request to the state government is that it should consider opening up the property registrations for home buyers and sellers. The government can issue safety guidelines to be followed, ensuring buyers and sellers are given a fixed 15-minute slot, to avoid crowding.”
Mr. Goyal raised another concern pertaining to the registration of wills which he felt should also be opened. He reasoned, “Many of our HNI clients are drawing out wills for their family members. Some are in precarious health and registrations of wills are not something that can wait.”
The company is part of Sotheby”s International Realty and it is mainly into the brokerage of ultra-luxury and premium properties in major cities including the secondary real estate market of Lutyens and South Delhi.