Circle Rates Revised Again in Gurugram

Circle Rates Revised Again in Gurugram

April 9, 2018 in Gurgaon Investment, Real Estate News

The district administration has hiked circle rates up to 10% in different parts of the city. The new rates will be implemented from April 9, and all the registry of a property will be executed according to the revised rates.

The district administration had on February 12 revised the circle rates after a gap of four years, reversing a trend where the rates had remained unchanged in 2014-15 and 2015-16.

The new circle rates have divided the city into different areas. Every sector or colony has different rates, and for the first time, roads like Golf Course Road, MG Road, Delhi-Gurugram Expressway and Sohna road have been categorised as a separate circle with a unified rate.

“New rates will come into effect from Monday,” said an official of the district revenue department, adding that revised rates would help increase revenue collections from the city.

He also said the administration has tried to rationalise prices of properties in different areas of the city. “Earlier, some adjoining sectors had huge differences in circle rates. We have tried to bring rates of adjoining areas on a par,” said the official.

In an attempt to keep real estate and land prices in urban and rural areas in tune with market rates, the Haryana government had decided in December 2017 to revise collector rates twice in a fiscal year.

Collector or circle rate is the minimum price at which a property is registered when being transferred, and stamp duty from it is a major source of revenue for the government. Earlier, these rates were revised once a year, but experts said a sustained slowdown in the real estate market has forced the government to fine-tune levies on real estate.

There is an upswing in a sale of plots, ready-to-move-in houses and built-up houses, because of which, the government wants circle rates to be in sync with market rates.

Sources: EconomicTimes.com

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