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The circular rates of land and properties in the city have been suggested to increase by 30% to 80% by the Haryana government. It is anticipated that the tariffs would be decided before the end of the month. Until December 17, anyone can make recommendations and concerns.
The state government sets the minimum rate known as the “circle rate” for property registration and stamp duty calculations. The idea has caught investors off guard since it will only drive up the already exorbitant prices of real estate in the city.
MG Road, Golf Course Road Face 70% Hike In Circle Rates
The government has suggested raising the circle charges by about 70% in places like MG Road, Golf Course Road, and the Dwarka Expressway. As per the plan, there would be an approximate 87% rise in circular rates for agricultural land and a 35% increase for commercial property in Farrukhnagar, which is fast becoming a logistic center.
Similarly, circular rates for commercial and agricultural land in Badshapur have been suggested to increase from 40% to 80%. The government has suggested raising it by 60%–70% for both residential and commercial land in the Wazirabad tehsil.
Suman Sharma, who intends to purchase a city apartment shortly, stated that a significant price increase will cause them financial hardship. “Our revenue doesn’t rise in line with the increase that the government has suggested.
Updated Gurgaon Circle Rates For 2024
A growth like this will put home ownership beyond the means of the average person. “I intend to file an objection,” he declared. Stamp duty in Gurgaon brings in an average of Rs 125 crore each month for the state government.
A discussion regarding the planned circle rates for 2024 was conducted on Thursday with all sub-divisional magistrates (SDMs) in the city by Deputy Commissioner Nishant Yadav. “The government’s website has the proposed charges available.
The plan is open for public comment until December 17 at my office or the SDMs’ offices, according to Yadav. On December 19, the SDMs will examine the input they have received and present a report to Yadav.
Why Circle Rates Are Updated Twice A Year?
In the city, circle rates are updated twice a year to reflect current property market pricing. The administration had made the decision not to alter the circle rates for 2023 because of the epidemic. The location, facilities, and infrastructure in a city all affect the circle rates, which differ from one place to the next.
According to real estate specialists, the state government must to make sure that the property’s market rate and circle rate are as close to one another as possible.
Circle pricing ought to be set in line with going rates in the market, but not more. Circle rates have to be raised in line with the market given the rise in property values over the past year, according to real estate specialist Pradeep Mishra.
Source-ET
