The Government of Haryana has increased the circle rates for properties in Gurugram by 30%. As per the District Collector's directives, the circle rates have increased by 20% in the Gurgaon tehsil, whereas in Badshahpur, the collector rates have been hiked by 15%–20%. The rates have also been hiked by up to 30% in areas including Sohna, Wazirabad, and Manesar.
The District Collector of Gurgaon on April 3 notified that the prices of residential, agricultural land and commercial properties in Gurgaon will experience a significant hike. As per the orders, the increased rates will be effective from April 1.
The revised circle rates have been hiked by Rs 2500/ sqft. Consequently, the cost of apartments in group housing developments jumped from Rs 5,500 per square foot to Rs 7,100 per square foot in the sectors along Sohna Road. The cost of a floor in a licensed colony by Haryana Shahari Vikas Pradhikaran experienced a hike from Rs 6,500 to Rs 7,150 per square foot in the Badshahpur tehsil.
The Deputy Commissioner of Gurgaon, Nishant Yadav, stated that the prices have been revised by an average of 10-30% based on the locality. People interested in knowing these rates can visit the government office or department’s website.
The revised circle rates for properties by the government indicates that the buyers will now have to pay higher taxes.
Check Out: Property Prices In Gurgaon
What Are Circle Rates?
The circle rate is the lowest price at which a property is transferred and registered. Circle rates are fixed yearly or twice a year and are based on the typical rate of property registrations that take place in each tehsil. When determining the new circle rates, the difference between the market pricing and the rate at which registrations are occurring is also taken into consideration.
For the state government, the stamp duty collected on such properties is a significant source of income.
Whereas, the market rate is the rate at which the property transaction occurs and its price is determined by the market forces.