The Gurugram city is witnessing an increase of 22 percent in the stamp duty collection during the last two years despite the fluctuative nature of the real estate sector. This growth is recorded inspite of having unsold inventory and lesser project launches in the city.
In the last fiscal year, the Gurugram city collected Rs.1,560 crores as the stamp duty and this figure stood at Rs. 1,303 crores in 2017-18 and Rs 1,284 crore in the fiscal year 2016-2017. All these figures are extracted by covering three tehsils and one sub-tehsil in the area including Gurugram, Manesar, Farrukhnagar and Wazirabad.
In 2017-18, Wazirabad was declared as a sub-tehsil that covers the entire Golf Course Road and Southern Peripheral Road. In 2018-19, 43% of the stamp duty collection was made from the Wazirabad area.
Amit Khatri, Deputy Commissioner said that the stability in circle rates is the main reason behind increasing stamp duty collection in the recent past. He also said that the Circle rates in the city were lower in 2016-17 and 2017-18 as the Government wanted to boost the real estate market. The circle rates however increased in the 2018-19.
The Haryana Government kept the circle rates at a low in 2016-17 before keeping the same stable for two years. But, the rates were hiked in by 10-25% in the financial year 2018-19. The Deputy Commissioner also said that apart from the static circle rates, the developing infrastructure has created a way for investments in the real estate market and thus resulted in the growth of stamp duty collections.
Many real estate experts feel that the extension in the Floor Area Ratio under independent plots is the reason behind increased stamp duty collection.