The Mohar Lal Khattar-led Haryana State Government revised circle rates in Gurugram. It include localities close to Southern Peripheral Road (SPR) and Dwarka Expressway. Gurugram witnessed an increase in circle rate after a 20% hike last year.
The rapidly growing demand for residential and commercial properties in these sectors is the reason for a hike. However, premium property prices at present will remain unchanged.
Whereas those buying land will feel a change as the amount payable by them will be impacted. Suppose if an individual purchased a property of worth Rs. 1 Cr, then he/she is liable to pay Rs. 7 lakh at 7%.
Many property dealers opposed revised circle rate, as the areas adjoining SPR and Dwarka expressway had a circle rate increase by 25% last year. One of the property dealer was quoted saying, “In some sectors, the circle rates for floors was revised from Rs. 5,500 per sq.ft to Rs. 6,500 per sq.ft. The circle rate and stamp duty rates are too high for the realty market, especially after the downslide during the pandemic.”
On the other hand, officials said that the decision of revised circle rate came in after considering the special review of properties in the said localities. He said, rates are finalized according to the categories segregated under the master plan.
Furthermore, Nishant Yadav, Deputy Commissioner informed that the new circle rates are now available on the portal. He also said, “Registries will now be done on the basis of these rates. The rates in the agricultural, residential, and commercial categories and those for HSVP plots and licensed colonies in the tehsils of Gurgaon, Sohna, Wazirabad, Badshahpur, Manesar, Pataudi, Farukhnagar, Kadipur, and Harsaru have been changed from 10% to 30%. ”
