The Delhi Cabinet, chaired by Chief Minister Arvind Kejriwal, has also decided to reduce rates for freehold rights of JJ clusters and resettlement colonies.
"The GoM will be headed by Deputy CM Manish Sisodia and its members will be PWD Minister Satyendar Jain and Water Minister Kapil Mishra," said a senior government official.
The official said that the panel will present its recommendations for the consideration of the cabinet, adding that GoM has been asked to prepare its recommendations at the earliest.
Besides, the Cabinet has also approved the proposal to "drastically" reduce the rates for freehold rights of JJ and resettlement colonies.
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"It has been decided that for original allottees, the new rates will be Rs 500 per square meter. For those who have bought properties from original allottees and subsequent buyers, the rates will be Rs 2,000 per square meter," the official said.
"The cabinet decision is fulfilment of the promise made by the government to the residents of these colonies and it will help at least 60,000 households," official added.