The Haryana government has proposed a significant increase in the circle rates of land and properties in the city. The rates are expected to be finalized by the end of the month, and people can submit objections and suggestions until December 17, a TOI report stated.
Circle rates are the minimum rates set by the state government for property registration and stamp duty calculation. This proposal has surprised many potential investors as it will further drive up property prices, which are already high.
The government's proposal includes a substantial increase of nearly 70 per cent in the circle rates for areas like Golf Course Road, MG Road, and along the Dwarka Expressway. In Farrukhnagar, an emerging logistic hub, the rates for agricultural land may increase by around 87 per cent and for commercial land by 35 per cent. Similarly, a 40 per cent to 80 per cent increase in circle rates is proposed for agricultural and commercial land in Badshapur.
In Wazirabad tehsil, the government is considering a 60 per cent-70 per cent hike in residential and commercial land rates.
Many prospective buyers are concerned about the steep price rise. A buyer told TOI that their income doesn't increase in proportion to the proposed hike, making it difficult for common people to afford a home.Currently, stamp duty in Gurgaon generates an average of Rs 125 crore per month for the state government.
Deputy Commissioner Nishant Yadav held a meeting with all sub-divisional magistrates (SDMs) in the city to discuss the proposed circle rates for 2024. Yadav encouraged citizens to submit objections and suggestions by December 17 at his office or the SDMs' offices. The SDMs will review the feedback and submit a report to Yadav on December 19.
Circle rates in the city are revised twice a year to align with market rates. Due to the pandemic, the administration decided not to change the circle rates for 2023. Circle rates vary across different areas of the city, considering factors such as locality, amenities, and infrastructure.
Real estate experts suggested that the state government should ensure a reasonable balance between market rates and circle rates. "Circle rates should be aligned with market rates, but should not exceed them. Property prices have increased in the past year, so circle rates should also be adjusted accordingly," said Pradeep Mishra, a real estate consultant.
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