The District Administration in Gurgaon has hiked circle rates by approximately 15-20% and these will come into effect from the 9th of April, 2018 which is today. The registration for property will be more expensive in Gurgaon with this new hike in circle rates which comes only a couple of months after the rates were revised by 10-15% in February 2018. These rates were valid till the 31st of March, 2018, as per reports. The authorities had previously announced that circle rates would be revised again from April. Circle rates will now be revised twice every year in order to scale up revenues for the administration. The circle rate is the minimum registration price of the property with the State revenue department upon transfer and the stamp duty imposed on these properties earns huge revenue for the State Government. Stamp duty currently stands at 8% and 5% for urban and rural zones respectively. As per reports, the circle rate revision will ensure that differences will be minimal between market rates and circle rates. This difference should not exceed 20% as a thumb rule as per reports. The administration is of the idea that the revision in the circle rates will encourage real estate investments. Several industry experts feel that this revision is quite reasonable indeed going by the market rates prevalent at present in Gurgaon. Circle rates will however remain the same for licensed group societies in Sectors 1-57, Laburnum, Ambience Island and some other properties. Circle rates were increased to Rs. 5, 000 per sq. ft. for Sectors 1-57 and Rs. 7, 000 per sq. ft. for Laburnum and other properties while they went up to Rs. 10, 000 per sq. ft. for Ambience Island in February, 2018. The last revision increased rates between Rs. 500-1, 500 on an average as per reports. The circle rates increased to Rs. 1, 65, 000 for National Media Centre, DLF 1, 2, 3 and 4, South City 1, Sushant Lok and Garden Estate. Sushant Lok and DLF 1 witnessed major increases in the circle rate to around Rs. 77, 000 per square yard. The circle rates increased to Rs. 72, 000 per square yard and Rs. 66, 000 per square yard for DLF 2, 4 and South City 1 and DLF 3 and National Media Centre respectively. As per reports, the district administration in Gurgaon has been directed by Haryana Chief Minister Manohar Lal Khattar to ensure circle rate revisions twice every year.
Circle rates increased in Gurgaon
