Circle rates to go up by around 20% in Gurugram from today

GURUGRAM: Two months after revising the circle rates, the Gurugram administration has revised rates again with a hike of about 15%. The new rates will come into effect from Monday.

Earlier, the administration had hiked the rates by 10-15% in February and these were in force till March 31. The district administration had announced that the government would revise the circle rates afresh in April. In total, the circle rates will be revised twice a year to generate revenue, officials said.

The administration on Sunday announced an increase in the circle rates from 15 to 20 per cent from Monday. The property registration is set to get costlier as the new circle rates come into effect.

Collector or circle rate is the minimum price at which a property is registered with the revenue department when being transferred and the stamp duty levied on such properties is a major revenue earner for government. The stamp duty is 8% in urban and 5% in rural areas.

Hariom Atri, district revenue officer (DRO), Gurugram, said, “The very idea behind revising the circle rates is to ensure that the difference between the market rates and circle rates is not significant. The difference between circle rate and market rate should not be more than 20 per cent . The revised circle rates reflect a balanced approach and will encourage more people to invest in property.”

“The last revision happened in February and it was effective till March 31. The district administration decided to revise the circle rates and the new rates will be effective from April 9. The revision is reasonable,” Atri said.

However, in licenced group housing (GH) societies (sectors 1-57), Ambience Island and Laburnum and others, the circle rate remains unchanged.

In February, the city administration revised the circle rates to ₹5,000/sqft in Sector 1-57, ₹10,000/ sqft in Ambience Island and ₹7,000/sqft in Laburnum and others.