Govt Proposes Steep Hike In Circle Rates, Real Estate News, ET RealEstate

December 15, 2023
1 min read
haryana government proposes steep hike in circle rates

GURUGRAM: The Haryana government has proposed a 30%-80% hike in the circle rates of land and properties in the city. The rates are expected to be finalised by the end of the month. People can submit objections and suggestions till December 17.

The circle rate is the minimum rate fixed by the state government for registration of properties, and to determine stamp duty. The proposal has come as a shock to those planning to invest in the city as it will further inflate property prices which are already very high.

The government has proposed increasing the circle rates of areas such as Golf Course Road, MG Road and along the Dwarka Expressway by almost 70%. According to the proposal, the circle rates for Farrukhnagar, which is emerging as a logistic hub, will be increased by around 87% for agricultural land and 35% for commercial land.

Similarly, an increase of 40% to 80% in circle rates has been proposed for agricultural and commercial land in Badshapur.

In the Wazirabad tehsil, the government has proposed hiking it by 60%-70% for residential and commercial land.

Suman Sharma, who is planning to buy a flat in the city soon, said a steep increase in price will disturb their budget. “Our income doesn’t increase in proportion to the hike that the authorities have proposed. Such a rise will make buying a home out of reach of the common people. I am planning to submit an objection,” he said.

The state government collects around Rs 125 crore in a month on an average from stamp duty in Gurgaon.

Deputy commissioner Nishant Yadav on Thursday held a meeting with all sub-divisional magistrates (SDMs) in the city on the proposed circle rates for 2024. “The proposed rates are available on the government’s website. Citizens can submit objections and suggestions on the proposal till December 17 at my office or the offices of the SDMs,” Yadav said.

The SDMs will scrutinise the feedback received and submit a report to Yadav on December 19.

Circle rates are revised twice a year in the city to match the market rates of properties. Due to the pandemic, the administration had decided not to change the circle rates for 2023. The circle rates vary from one area to another in the city due to several factors, including locality, amenities and infrastructure available.

Real estate experts said the state government should ensure there isn’t much difference between the market rate and circle rate of the property.

“Circle rates should be fixed in accordance with the market rates, but should not be higher. Property prices have increased in the last one year, so circle rates should be hiked as well, but in tune with the market,” said Pradeep Mishra, a real estate consultant.

  • Published On Dec 15, 2023 at 09:18 AM IST

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