India, Dec. 17 -- The Delhi government is preparing to revise circle rates for agricultural land for the first time in 17 years, with draft proposals indicating an increase of up to eight times over existing rates, officials aware of the matter said on Tuesday. If cleared, the move could significantly alter land valuations across the Capital's rural belt.

According to two officials familiar with the proposal, the circle rate for agricultural land could rise to as much as Rs.5 crore per acre in select locations, compared with the current uniform rate of Rs.53 lakh per acre.

The existing rates were last revised in 2008. Although the government announced an increase in 2023, it could not be implemented due to administrative and procedural ...