Lajpat Nagar is a prominent neighbourhood in south-east Delhi, which has emerged as a preferred locality for residential and commercial real estate investment. It is also a popular tourist attraction owing to its markets and the famous Lotus Temple in the vicinity. Owing to the presence of proper infrastructure and good connectivity through road and metro, Lajpat Nagar property market witnesses a steady demand for various types of properties. If one is looking to invest in a property in this area, he can check the latest circle rates in Delhi, which will help him take an informed decision.
See also: Circle rates in Malviya Nagar, Delhi
What are circle rates?
Circle rates are the minimum property rates set by the state government, which is the base price below which a property cannot be registered during its sale or transfer. Moreover, the circle rates serve as a standard for property valuation when buying, or selling homes and are periodically revised to match the market trends. Property buyers are required to pay the stamp duty and registration charges based on the circle rates or the actual cost of the property, whichever is higher. A property’s market value is typically higher than the circle rates.
The Delhi government determines the circle rates in Delhi based on various factors:
- Circle rates vary based on the location of the property. Usually, the rates tend to be higher in posh neighbourhoods compared to rural areas.
- Usage of a property impact the circle rates. The rates are lower for residential properties compared to commercial properties.
- The circle rates also vary based on the age of a structure.
- Availability of facilities, such as good roads, transportation, and infrastructure, shopping malls, etc., also influence the circle rates in an area.
Circle rates for land in Lajpat Nagar 2023
| Area | Land cost per sqm | Construction cost |
| Lajpat Nagar I | Rs 1.60 Lakh | Rs 13,920 |
| Lajpat Nagar II | Rs 1.60 Lakh | Rs 13,920 |
| Lajpat Nagar III | Rs 1.60 Lakh | Rs 13,920 |
| Lajpat Nagar IV | Rs 1.60 Lakh | Rs 13,920 |
Circle rates for agricultural land in Lajpat Nagar 2023
| Area | Green belt villages (in Rs crore per acre) | Urbanised villages (in Rs crore per acre) | Rural villages (in Rs crore per acre) |
| South-east | NA | 4 | 2.5 |
Circle rate for residential and commercial plots in 2023
| Category | Land cost (per sqm) | Construction cost: Residential (per sqm) | Construction cost: Commercial (per sqm) |
| C | Rs 1.6 Lakh | Rs 13,920 | Rs 15,960 |
The Delhi government classifies the properties into eight categories – A to H, with the most expensive area under Category A and the lowest-value areas falling under Category H. Lajpat Nagar comes under Category C.
How to check circle rates in Delhi?
- To know the circle rates in Delhi, one can visit the Delhi government’s online registration information system https://eval.delhigovt.nic.in/
- Go to the e-circle rate calculator. Choose the sub-registrar, locality, deed name and sub-deed name from the menu.
- Click on Submit to proceed.
Circle rates in Lajpat Nagar: Commercial and residential real estate trends
Lajpat Nagar is a prominent neighbourhood of south Delhi, known for its bustling markets and draws numerous tourists. In recent years, the area has developed as a sought-after residential locality. It is classified into four parts – Lajpat Nagar I, II, III and IV. Lajpat Nagar enjoys good connectivity to other parts of the city through DTC bus services and the Delhi Metro Lajpat Nagar Station, which connects the Violet Line and Pink Line. The locality is 14 km from the Indira Gandhi International Airport and around 4.5 km from the Hazrat Nizamuddin Railway Station.
The locality has restaurants, banks, and other social amenities, ensuring a comfortable lifestyle for the residents. There are also schools in the vicinity. There are several residential properties for buying and renting, which include resale apartments. A thriving commercial area, the locality attracts those looking for properties for investment. There are shops and commercial spaces available for sale. Further, there are upcoming commercial projects in Lajpat Nagar catering to the steady demand for properties.
Reasons to invest in Lajpat Nagar
- Lajpat Nagar is easily accessible from key commercial areas of Delhi, such as Nehru Place, Saket District Centre, Bhikaji Cama Place, Connaught Place, and Okhla Industrial Area.
- It has a well-developed social infrastructure, including schools, hospitals, eateries, and educational institutions.
- The locality is easily accessible from the Indira Gandhi International Airport.
- The area is connected to other parts of the city through road network, including Moolchand flyover and the Lajpat Nagar Metro Station, an interchange station to Delhi Metro’s Violet Line and Pink Line.
FAQs
Who decides circle rates in Delhi?
The Delhi government calculates the circle rates for different localities classified into eight categories from A to H.
How to calculate property value based on the circle rate?
One can calculate property value in Delhi based on the formula: build up area of the property in sqm X circle rate for the area in Rs per sqm.
How to check circle rates in my area in Delhi?
Go to the official portal of Delhi government’s online registration information system to find circle rates in different localities of Delhi.
What is the circle rate of Category C in Delhi?
The cost of residential construction is Rs 13,920 per sqm, while the cost of commercial construction is Rs 15,960 per sqm.
Are circle rates same as market rates?
Circle rates are determined by the state government as the minimum value of a property in a locality. However, market rates refer to the actual price at which property transactions take place. These are determined by the seller and are usually higher than circle rates.
How to calculate the value of property in Delhi?
Property value is calculated based on the formula: Property Value = built-up area in sqm X circle rate of the locality.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
