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The revision of circle rates in the city of Gurugram is anticipated to be implemented by the end of this month, coming into effect from February 1. Initially slated for implementation from January 1, the announcement has been pending, prompting the continued registration of properties based on the existing rates.
The proposed revision by the Haryana government suggests a substantial increase, ranging from 30% to 80%, across various property categories, with a draft released for public review in December to gather suggestions and objections from residents.
Deputy Commissioner Nishant Yadav revealed that the rates for nearly all property types are finalized, except for flats in group housing societies, which are still under examination. Yadav emphasized that the new circle rates would be determined by the registry amount for a specific area, taking into account the property registration rates in 2023. He noted instances where properties were registered at 80-90% above the existing circle rate, highlighting the objective of the rate hike to narrow the gap between circle rates and market prices.
According to the draft proposal from last month, certain areas, including Golf Course Road, MG Road, and along the Dwarka Expressway, could witness a significant 70% hike in circle rates. In Farrukhnagar, identified as a burgeoning logistics hub, a proposed 87% increase in circle rates for agricultural land and approximately 35% for commercial plots is outlined. Similarly, the proposal suggests a 40-80% hike for agricultural and commercial plots in and around Badshapur. The Wazirabad tehsil area may witness a 60-70% increase in circle rates for residential and commercial land.
The circle rate, serving as the minimum rate set by the government for property registration and stamp duty determination, is contingent on locality-specific civic amenities. The Haryana government, on average, collects around Rs 125 crore monthly in stamp duty in Gurugram. Circle rates in the city undergo biannual revisions to align with the dynamic property market prices. In light of the pandemic impact, the district administration opted to forgo the revision of circle rates last year. As the authorities finalize the circle rate revisions, the real estate landscape in Gurugram awaits the implications of these proposed adjustments.
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