Circle rates hiked by 15% in Gurugram

Tribune News Service

Advertisement

Gurugram, April 9

The Gurugram district administration has again hiked the collector’s rate by almost 15 per cent. The rates were last revised two months ago. Property registeration is also set to get costlier in majority of areas.

According to district administration, the circle rates revision is not aimed at revenue generation, but also streamlining the realty market.

“The administration will not benefit alone by the revision of rates, but the buyers will also benefit because the disparity between the circle rate and market rate is reduced. This will curtail the flow of unaccounted cash in property dealings. The difference between the circle rate and market rate will not be more than 20 per cent and this revision will allow us to achieve the target and encourage investement in property sector in Gurugram,” said a senior official.

The move has, however, failed to enthuse the realtors, who claim that realty market is already struggling with post demonetisation slump. The minimal difference between the market and existing collectors’ rate within two months will adversely affect property investments.

It may be noted that the collector or circle rate is the minimum price at which a property is registered with the Revenue Department. The state government has announced the revision of rates twice this year. The rates were last revised in February and were valid till the last fiscal. As per the latest revision, there has been an increase from Rs 1,50,000 to Rs 1,65,000 in posh residential areas like DLF 1, 2, 3 and 4, Sushant Lok 1, National Media Centre, South City 1 and Garden Estate.

Among these, DLF 1 and Sushant Lok 1 saw maximum hike in the circle rates in the residential category i.e. from Rs 65,000 per sqyd to Rs 77,000 per sqyd. DLF 2 and 4 and South City 1 saw an increase of Rs 7,000 per sqyd i.e. from Rs 65,000 per sqyd to Rs 72,000 per sqyd. DLF 3 and NMC saw an increase from Rs 56,000 per sqyd to Rs 66,000 per sqyd. The circle rates remained unchanged in the licensed group housing (GH) societies (Sectors 1-57), Ambience Island and Laburnum.