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The Gurgaon circle rates are expected to change before the end of this month and take effect on February 1. Although no announcements have been made thus far, the new tariffs were intended to go into effect on January 1. Properties will currently be registered based on the current pricing.
The Haryana government has suggested raising circle rates for houses in the city by 30 to 80 percent. A draft was created and made available to the public during the first week of December in order to get feedback from locals.
Nishant Yadav, Deputy commissioner Gurugram said that the new circle rates will be applied for almost all properties were final. The revised circle rates for group housing society flats were still under observation. The effective circle rate will depend on the total registry amount for a particular area.
The Objective Behind The Increase In The Circle Rates In Gurgaon
The new circle rate will be finalized on the basis of the specific areas and the rate at which properties were registered in the year 2023. there are some areas in Gurgaon where properties registered at 80-90% above the standing rate. The circle rates are revised with an objective to fill the gap between circle and the current market price.
The circle rates will see a 70% hike in areas such as Golf Course Road, MG Road and along the Dwarka Expressway as per the draft prepared last month. In emerging areas like Farrukhnagar, which is developing as logistics hub, the circle rate could see an 87% spike for agricultural land and around 35% for commercial plots.
New Circle Rates Applicable For Commercial And Agricultural Plots
In a same vein, it has been suggested that the circle rate for commercial and agricultural plots in and around Badshapur be increased by 40–80%. It has been suggested that the circle rate for residential and commercial land in the Wazirabad tehsil region be increased by 60–70%.
The stamp tax and property registration minimum, known as the “circle rate,” are set by the government and vary depending on the community’s amenities. The Haryana government gets over Rs 125 crore in stamp duty revenue from the city each month on average.
The city updates circle rates twice a year to reflect changes in the market pricing for shooting properties. The district administration had made the decision not to change the circle rate the previous year, just after the epidemic.
Source-ET
