Property rates in Gurugram set to increase after revision in circle rates

Gurugram: Property prices are set to increase in Gurugram as the district administration for the second time this year revised the circle rates and increased the registration fee. The new rates would kick off on October 10. On Monday, the new rates were formally announced by Vinay Partap Singh, the Deputy Commissioner (DC), Gurugram. This is for the second time, the circle rates are revised. Earlier the revision was done in April.

With the coming of the new rates, the property is set to be costlier by 10-25 percent more than the previous year of 2017-18.

For residential plotted colonies, new rates will be three times higher than that of the agricultural land. While for residential groups using plots, rates will be four times than the agricultural land. Commercial properties, that seem to be doing very well in Gurugram at present, will be five times more expensive than the agricultural land.

For plots in licenced colonies like DLF-I and Sushant Lok, the rates were Rs 65,000 per square yard which will now cost around Rs 77,000 per square yard.

In the case of multi-story housing societies, the rates have been increased from Rs 4,700 per square feet to Rs 5,500 square feet. A significant increase in rates is also expected in Dwarka Expressway, National Highway-8 and Gurugram-Alwar Expressway where the rates may be increased by 25 percent.

Speaking on the revision of circle rates, Singh mentioned that as per the policy of the Haryana government, the circle rates in Gurugram will see a revision two times in a year. He also said that this time the collection of revenue from the stamp duty collections increased to Rs 1,000 crore as compared to Rs 800 crore in the previous year.

"The residential sector in Gurugram has been facing a lot of pressure for four to five years. The only silver lining of the realty scenario in the city was sales of commercial properties. Since Gurugram is pioneer in terms of bringing in realty revolution in the National Capital Region (NCR), the state government and the builders must collaborate towards the selling of properties in the city at reasonable rates for the consumer," said realtor Rahul Suri.