Circle Rates Hiked In Gurgaon, For The Third Time This Year
Circle rate of residential properties in some areas of the Millennium City will double with the Gurugram District Administration hiking the rates for the third time this year, with effect from December 20. Rates were earlier hiked in February and April this year.
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 a specific locality.
Areas where collector rates will increase significantly include Dron Vihar & Feroz Gandhi Colony (110 per cent), Virendra Gram (108 per cent) and Anand Garden, Chandan Nagar & Bhim Ghar Khedi (100 per cent). Rates have been left unchanged in residential areas where the property is already expensive. These areas include all government-developed sectors and privately built colonies, including DLF.
Rates will also increase for commercial property in the city while rates of agriculture land in some areas will decrease10 per cent. Collector rates for commercial properties have been hiked between 30 and 4 per cent. The 4 and 8 Marla localities have circle rate for the commercial property going up by 30 per cent. In Sushant Nagar and Mahavir Pura, however, rates have been reduced by two and one per cent, respectively.
This is the first time the district administration has hiked rates based on the category an area falls under in the city Master Plan.
To check out the complete list of circle rates, click here.