Circle Rates Hiked By Up To 30% In Gurugram; Property Registries To Get Costlier In Some Sectors

Circle Rates Hiked By Up To 30% In Gurugram; Property Registries To Get Costlier In Some Sectors

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The Gurugram administration raising circular rates by up to 30% throughout the district, as a result the property rates in Gurugram are expected to rise. According to the order made by the district collector of Gurugram on April 3, rates for residential, agricultural, and commercial properties in Gurugram tehsil have increased by 20%, while rates in Badshahpur tehsil have climbed by 15-20%.

The circular rates increased in all the district’s tehsils and subtehsils, including Sohna, Pataudi, Farrukhnagar, Manesar, Wazirabad, Badshahpur, Qadipur, and Harsaru, by 10% to 30% over the going rates.

The new circle charges in Gurugram will take effect on April 1. The circle rate is the lowest cost at which a property is transferred and registered with the revenue department. For the state government, the stamp duty assessed on such assets is a significant source of income.

The circular rate is revised annually and is based on the typical rate of property registrations that take place in each tehsil. According to him, when determining the new circle rates, the gap between the market pricing and the rate at which registrations are occurring is also taken into consideration.

In contrast to circular rates, which are set year or twice a year by the district administration, market rates are the rates at which property transactions occur and their prices are determined by market forces.

The circle rates for condominiums on Golf Course Road have increased in accordance with the revised rates announced by the government, and a buyer will now have to pay greater taxes. In fact, circular rates have gone up by 2,500 per square foot in some of the flats.

The cost of apartments in group housing developments has climbed from $5,500 per square foot to $7,100 per square foot in the bulk of Sohna Road’s districts.

The cost of a floor in a colony or a licenced colony operated by HSVP [Haryana Shahari Vikas Pradhikaran] has gone up from $6,500 to $7,150 per square foot in the Badshahpur tehsil.

Plot prices in Bajghera, next to Palam Vihar, have gone up from 15,000 to 18,000 rupees per square yard. The price in affluent Civil Lines has climbed from 52,800 to 70,000 per square yard.

According to Nishant Yadav, the deputy commissioner for Gurugram, “The tariffs have been revised by an average of 10 to 30% depending on the locality. These prices are easily accessible and have been submitted to the government and department websites.

Developers and real estate specialists from the city claimed that any increase in circle rates would result in higher transaction costs because a buyer would be required to pay stamp duty and registration fees in accordance with the updated circle rate.

The modification in circular rates, according to Narender Yadav, head of the Gurugram House Developers Association, should have remained at 10% rather than going up further. The market has slowed down, lending rates have become more rigid, and the 30% increase is excessive. Buyers will bear the brunt of the increase as transaction costs increase, he predicted.

Source- Hindustan Times

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