Gurgaon Circle Rates Hiked By 15%

Gurgaon Circle Rates Hiked By 15%

Gurgaon Circle Rates Hiked By 15%

In a move that is likely to help authorities meet the twin objectives of generating more revenues and equalising the differences in rates in various sectors, the Gurgaon district administration has hiked circles rates by up to 15 per cent per cent, for the second time in this year.

In a first, the administration has also come up with specific circle rates for residential hubs lying close to sectors, including the Golf Course Road, the MG Road, the Delhi-Gurugram Expressway and the Sohna Road. In licensed group housing societies, however, no change has been implemented. Recently, the Gurgaon administration also capped registration charges for properties lying in licensed colonies at Rs 15,000.

The revised circle rates come into effect from April 9.

It was on February 12 when circles rates were revised in Gurgaon after a gap of four years by up to 15 per cent. After rates remained unchanged in 2014-15 and 2015-16, the Chief Minister Manohar Lal Khattar-led government in Haryana issued a directive to revise circle rates twice in a year ─ a move criticised by the developer community.

Rates of property in Gurgaon are higher when compares to other areas in the national capital region, a prime cause why the premium real estate market in the Millennium City was severely hit by a slowdown in the past.

Circle rates are the government-specified rates below which a property cannot be registered at the time of change of ownership. Stamp duty for a transaction which is one of the biggest revenue generators for states is calculated based on the circle rates of the specific locality. To register a property in urban areas of the city, buyers have to pay eight per cent of the property value as stamp duty. The rate for rural areas currently stands at five per cent.

Residential areas that saw the highest increase in circles rates include DLF Phase-l and Sushant Lok-l, where rates were increased from Rs 65,000 per square yard (psy) to Rs 77,000 psy—an increase of over 18 per cent.

To check out the complete list of circle rates, click here.

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