representative image Gurugram, circle rate Rates for registration of properties are set to increase by 10-30%, a development that could push up housing prices in the city, which is already one of India’s most expensive real estate markets.
District administration officials on Friday said the new circle rates will come into effect from December 1 and will remain in force at least till March 31, 2025. The decision to increase the circle rate was taken in the meeting of Deputy Commissioner Ajay Kumar with the Deputy Commissioner. Departmental officers and Revenue Department officials on Friday.
Officials said circle rates will increase by 10% to 20% in most areas of the city. But the hike will be up to 30% near Golf Course Road, Southern Peripheral Expressway and Dwarka Expressway, the most sought-after areas of the city.
DC Ajay Kumar said the limit was fixed based on the market value of properties in specific areas.
“There are some key areas in the district where the market prices are quite high. That is why it was decided to increase the collector rate by up to 30% for those places,” he said.
Kumar explained that changes in collector rates or circle rates are recommended by a district-level committee which conducts market research before giving its advice. The new rates come into effect after getting the final approval from the state government.
Officials said they have received approval from the government, but detailed orders on the exact increase in circle rates are awaited. Realtors said property prices… Gurgaon Only hope is to go up.
“Despite very high property prices, Gurgaon’s real estate sector is not only the leader in NCR, but it is also one of the top performers in the country. Hence, the increase in circle rate will bring it at par with the market rate,” Mohit Kalia. , the vice president said. -President (Sales), Raheja Developers.
Sanjeev Arora, director, 360 Realtors, said the impact of circle rates on property prices will be limited. “In most of the key micro markets of Gurgaon, such as Golf Course Road, Golf Course Extension Road, SPR and MG Road, property prices are already significantly higher than the prevailing circle rates. Even in other emerging areas like Sohna, New Gurgaon and Dwarka Property prices on the expressway are high, so we do not expect any big jump,” Arora said.
He said prices in the city will continue to rise due to high demand and limited supply. “People of all age groups and profiles take home ownership seriously. The market will continue to grow,” he said.
Those looking to buy a home in the city said property rates in Gurgaon are already at an all-time high, and a continued rise will make it completely out of reach for the middle class.
Kamlesh Bist, a resident of the sector, said, “Property prices are in several crores, and they keep rising. The increase in circle rates will further push up the prices and make the dream of owning a house in Gurgaon a distant dream for common people.” 84, who is looking for a new home to buy.
