Gurgaon Hiked Circle Rates To Come Into Effect From Today
Two months after revising the Gurgaon circle rates, the Gurugram district administration has revised rates again with a hike of about 15%. The new Gurgaon hiked circle rates will come into effect from today.
Earlier, the administration had hiked the rates by 10-15% in February and these were in force till March 31. The district administration had announced that the government would revise the circle rates afresh in April. In total, the circle rates will be revised twice a year to generate revenue, officials said.
The administration on Sunday announced Gurgaon hiked circle rates from 15 to 20 percent from Monday. The property registration is set to get costlier as the new circle rates come into effect.
Collector or circle rate is the minimum price at which a property is registered with the revenue department when being transferred and the stamp duty levied on such properties is a major revenue earner for the government. The stamp duty is 8% in urban areas and 5% in rural areas.
However, in licenced group housing (GH) societies (sectors 1-57), Ambience Island and Laburnum and others, the circle rate remains unchanged.
In February, the city administration revised the circle rates to Rs 5,000/sq ft in Sector 1-57, Rs 10,000/sq ft in Ambience Island and Rs 7,000/sq ft in Laburnum and others.
DLF 1, 2, 3 and 4, Sushant Lok 1, National Media Centre, South City 1 and Garden Estate saw an increase in the circle rate from Rs 1,50,000 to Rs 1,65,000.
DLF 1 and Sushant Lok 1 saw the maximum increase in circle rates in the residential category from Rs 65,000/sq yd to Rs 77,000/sq yd. DLF 2 and 4 and South City 1 saw an increase of Rs 7,000/sq yd, from Rs 65,000/sq yd to Rs 72,000/sq yd. DLF 3 and NMC saw an increase from Rs 56,000/sq yd to Rs 66,000/sq yd.
Chief Minister had asked the Gurugram administration to revise circle rates twice in a year. The hike in circle rates drew criticism from real estate experts.
Vice chairman, National Real Estate Development Council (NAREDCO), said, the market rate in many parts of the city is either at par with the circle rate or below the circle rate. So, it is not right to suggest that there is a significant difference between the market rate and circle rate. Property rate in Gurugram is already low and the market is in a slump.
Source Link- https://www.hindustantimes.com/.