Gurgaon circle rates raised by 15-20%, come into effect today

GURUGRAM: Two months after revising the circle rates, the Gurugram district administration has revised rates again with a hike of about 15%.

The revised collector rates will come into effect from Monday.

Earlier, the administration had hiked the rates by 10% to 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 % 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 the government.

The stamp duty is 8% in urban areas 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 %. 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. Atri said that the last revision ranged between ₹500 and ₹1,500 depending on the area.

AFTER HIKE, PROPERTY REGISTRATION IS SET TO GET COSTLIER; DISTRICT REVENUE OFFICER SAYS IT WILL ENCOURAGE MORE PEOPLE TO INVEST IN PROPERTY