Property to get costlier in Gurugram as circle rates hiked by up to 30%

With the hike in circle rates, luxury properties in Haryana Shahari Vikas Pradhikaran (HSVP) and licence colonies in Gurugram will now be costlier by up to 30 per cent.

"There has been a 10 per cent to 30 per cent hike in rates for residential, agricultural and commercial properties in all the tehsils and sub-tehsils in the district -- Sohna, Pataudi, Farrukhnagar, Manesar, Wazirabad, Badshahpur, Kadipur and Harsaru," an order issued by district administration said.

The new circle rates will be effective from April 1, the order said.

As per the new rates notified by the government, the circle rates of a housing project on Golf Course Road have been increased and now a homebuyer will have to pay higher taxes. Circle rates have been increased by Rs 2,500 per square foot.

 

"The rates have been revised by an average of 10-30 per cent in the district. These rates have been uploaded on the government and department website and can be accessed easily," Gurugram deputy commissioner Nishant Yadav said.

"The Haryana government's proactive decision to enhance the circle rate in Haryana, especially Gurugram is a welcome move and very much required, considering the recent appreciation in property prices.

"However, at India Sotheby's International Realty, we believe that all state governments should consider alternative long-term solutions to reduce dependence on circle rates. We recommend that all property transaction values should be made available online on the revenue department's website. This way, a simple search using any pin code would immediately display the latest 10 transactions, providing a clear picture of market demand and supply dynamics. "Such transparency measures would also highlight any outliers, making it challenging to register properties at prices lower than the transaction price," Amit Goyal, CEO, of India Sotheby's International Realty said.

"The real estate market in Gurugram has experienced substantial growth in demand and price due to various infrastructure developments and enhanced connectivity. The rise in circle rates is consistent with the increasing property prices and serves to confirm the appreciation in value," Mohit Jain, Managing Director, of Krisumi Corporation said.

--IANS

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