Gurugram: The Gurugram district administration has once again revised the circle rates with a hike of about 15%. The new rates will come into effect from April 9. Earlier in the month of February, the district administration has revised the rates by 10-15%. This was done, in an attempt to keep real estate and land prices in urban and rural areas in tune with market rates.
It was decided by the Haryana government in December 2017 to revise collector rates twice in a fiscal year. So, this hike was the second in line. Due to this hike, now property registration will get costlier in Gurugram. The new circle rates have divided the whole city into different areas. Every sector or colony has different circle rates. On the other hand roads like Golf Course Road, MG Road, Delhi-Gurugram Expressway and Sohna road have been categorised as a separate circle with a unified rate for the first time.
District revenue officer (DRO), Gurugram, Hariom Atri , said, “The very idea behind revising the circle rates is to ensure that the difference between the market rates and circle rates is not significant. The difference between circle rate and market rate should not be more than 20 per cent. The revised circle rates reflect a balanced approach and will encourage more people to invest in property.”
However in group housing societies located in sector- 1 to 57, Ambience Island and Laburnum, the circle rates remains unchanged as they were in February. In residential category, DLF 1 and Sushant Lok 1 saw the maximum from ₹65,000/sqyd to ₹77,000/sqyd. On the other hand, DLF 2 and 4 and South City 1 saw an increase from ₹65,000/sqyd to ₹72,000/sqyd, DLF 3 and NMC saw an increase from ₹56,000/sqyd to ₹66,000/sqyd.
Circle rate is the minimum value at which the sale or transfer of a plot, built-up house, apartment or a commercial property can occur. This rate is set by the state government’s revenue department or the local development authorities.