Revision Of Circle Rates In Gurugram After 4 Years, Implemented
District administration has announced revision of circle rates in Gurugram after a gap of four years, implemented from Monday, February 12, reversing a trend where circle rates had remained unchanged in 2014-15 and 2015-16, before being reduced by 5-10% over the past two years, owing to slump in the real estate sector. Realtors believe the upward revision is an indication of revival of the sector.
The new circle rates has divided the city into different areas. Every sector or colony has different rates, and for the first time, roads like Golf Course Road, MG Road, Delhi-Gurugram expressway and Sohna road have been categorised as a separate circle with similar rates.
Circle rates for areas like Ambience island and Aralias have shot up, while it has remained mostly unchanged in areas like Ardee City, South City and Mayfield Gardens. Rates have increased in villages within city limits, while rates of flats and independent floors in new sectors have witnessed marginal change. Circle rates of commercial properties have increased significantly across the city.
For the first time, circle rates will be applicable for as many as 15 colonies, which have been regularised and brought under Municipal Corporation Gurgaon, and now properties in these areas can be registered, said district revenue officer (DRO).
After years of slump and radical reforms like demonetisation and RERA, the real estate market is in revival mode. People have started buying houses and so expecting a rise in demand, said director, Mapsko Group. Managing director of BDI Group, said affordable housing is going to be the sunrise area in real estate. Demand for affordable housing is expected to increase, as more and more end-users are buying homes.
To keep real estate and land prices in urban and rural areas in tune with market rates, the Haryana government in December 2017 had decided to revise collector rates twice in a financial year. Most likely, the next rate revision will happen mid-year, said the official, adding the step was taken to ensure there is no major gap between market price and the collector rate of properties.
Collector or circle rate is the minimum price at which a property is registered when being transferred, and stamp duty from it is a major source of revenue for the government.
There is an upswing in sale of plots, ready-to-move-in houses and built-up houses, because of which, the government wants circle rates to be in sync with market rates.
Source Link- https://timesofindia.indiatimes.com/.