Haryana govt witnesses 22% rise in stamp duty collections from Gurugram
Gurugram: The reforms initiated by the Haryana government in the last two years seems to have now paid the dividends. Despite the high number of unsold inventory in Gurugram, the Haryana government has witnessed an increase of 22 per cent from the stamp duty collections in the four tehsils namely Gurugram, Manesar, Farrukhnagar and Manesar.
Moreover ,the creation of sub tehsil of Wazirabad that consists of all the posh localities of Gurugram like Golf Course road, DLF, Sushant Lok and Sector 28 and 27 has also benefitted the state government.
In the financial year of 2016-17 where the government was able to get Rs 1,220 crore in stamp duty collections in 2017-18 it increased to Rs 1,303 crores and in 2018-19 it increased to Rs 1,560 crore.
A major reason cited by the officials for the increase in government exchequer is the Khattar Government's decision to revise the circle rates two times in the year. The revision of rates by the state government has made sure that for residential plotted colonies, new rates will three times higher than that of the agricultural land.
While for residential groups using plots that rates will be four times than the agricultural land. Commercial properties that seem to be doing very well at Gurugram at present will be five times more expensive than the agricultural land. Over the years the state government's policy to increase the circle rates have resulted in the property rates being increased by over 25 to 30 percent. The reforms initiated by the Khattar government in increasing the floor to area ratio has also increased the revenue for the state government.
According to new norms The new houses and the residential projects expected to be constructed in Gurugram now have more carpet areas as compared to earlier establishments. With the implementation of this move in the 75 square metre area, 33 per cent of more space area has been added and in 101 to 150 square metres, 53 per cent more space is included.
The increase in the revenue due to the stamp duty collections have resulted in cash strapped public agencies like Gururgam metropolitan development authority (GMDA) and Municipal Corporation of Gurugram (MCG) now demanding a percentage of share from the revenue.
