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Gurugram: The Haryana government has increased circle rates, a move that is unlikely to have an immediate impact on the price of premium properties, but could make registries costlier.
After revision, circle rates in sectors adjacent to the Southern Peripheral Road (SPR), Golf Course Road And Dwarka Expressway – Areas that have seen a real estate boom – up to 30% growth. The commercial centers have also seen a 10% increase in rates.
Also known as collector’s rate, circle rate is the minimum price that state governments set for the transfer of a plot, manufactured home, apartment or a commercial property. Builders are not allowed to sell flats and houses for less than the rate fixed by the government.
The increase in circle rates, however, will not affect the pricing of marquee properties as all of them have very high market rates. For example, the market price of apartments in DLF projects, Camellia and Magnolia, is Rs 55,000 per sq ft and Rs 45,000 per sq ft, respectively, while the revised circle rate is Rs 27,500 per sq ft.
Similarly, Crest, The Icon has a market value of around Rs 30,000 per sq ft against the revised circle rate of Rs 13,200. The prices of Park Place, Belair and other similar properties in the area are above Rs 25,000 per sq ft as against the new circle rate of Rs 9,900 per sq ft.
In plotted areas, homebuyers will feel the direct impact of the modification. If the value of a property is, say, Rs 1 crore, the buyer will now have to pay Rs 7 lakh as stamp duty at the rate of 7%. If there is a 10 per cent increase in the circle rate, the buyer will have to pay Rs 1 lakh more.
Property dealers have opposed the revision of circle rates. Broker Devendra Kataria said, “In some areas, the circle rate for flooring was revised from Rs 5,500 per sq ft to Rs 6,500. The circle rate and stamp duty are very high for the realty market, especially during the fall during the pandemic.” After.” ,
Last year also circle rate in sectors adjacent to SPR, Golf Course Road And Dwarka Expressway increased up to 25%. However, rates in commercial areas remained unchanged.
Officials said the rates have been revised after conducting a “special review” of immovable properties in the district. He said that the rates have been fixed keeping in mind the categories of areas which have been identified in the master plan.
Deputy commissioner Nishant Yadav He said that new circle rates have been uploaded on the portal.
“Registry will now be done on the basis of these rates. Rates in agricultural, residential and commercial categories and for HSVP plots and licensed colonies in tehsils. GurgaonIn Sohna, Wazirabad, Badshapur, Manesar, Pataudi, Farukhnagar, Kadipur and Harsaru, 10 to 30 per cent change has been made.
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