January 9, 2024 |
New Circle Rates Likely From Next Month
Circles rates in the city are expected to be revised by the end of this month and come into effect from February 1. The new rates were supposed to have been implemented from January 1, but there has been no announcement so far. For now, properties will be registered according to the existing rate.
Haryana government had proposed a 30-80% hike in the circle rates of properties across various categories in the city.
A draft was prepared and put up in the public domain in the first week of December to seek suggestions and objections from residents.
Deputy commissioner Nishant Yadav said the rates for almost all properties were final, but officials were still examining the rates for flats in group housing societies. The circle rate, he added, will depend on the registry amount for a particular area.
“The new circle rate will be based on the rate at which properties were registered in 2023 in a given area. In some areas, properties were registered at 80-90% above the existing circle rate,” he said. “The rates will be increased with an objective to bridge the gap between circle and market prices,” he added.
According to the draft prepared last month, circle rates will see a 70% hike in areas such as Golf Course Road, MG Road and along the Dwarka Expressway. In areas like Farrukhnagar, which is emerging as a logistics hub, the rate could see an 87% rise for agricultural land and around 35% for commercial plots.
Similarly, a 40-80% hike in the circle rate has been proposed for agricultural and commercial plots in and around Badshapur. In Wazirabad tehsil area, the circle rate has been proposed for a 60-70% hike for residential and commercial land.
Circle rate is the minimum rate fixed by a government for registration of properties and determining the stamp duty, which varies in localities in keeping with the civic amenities. On an average, Haryana government collects around Rs 125 crore a month in stamp duty in the city.
Circle rates in the city are revised twice a year to match the shooting property market prices. Just out of the pandemic, the district administration had decided not to revise the circle rate last year.
Source : TOI
Related Articles
Gurugram proposes circle rates for 2026–27; Dwarka Expressway may see the steepest hike of up to 67%
Starting April 1, homebuyers in Gurugram could face a noticeable increase in stamp duty and registration costs, as the district administration has […]
Table Space leases 1.45 lakh sq ft of commercial space in Gurugram at a starting monthly rent of ₹2.85 crore
Co-working space operator TableSpace Technologies Pvt Ltd has leased 1.45 lakh sq ft of commercial space in Gurugram for five years at a […]
Quiet Luxury to Statement Living: How Luxury Buyer Preferences Are Shifting in 2026
NewsVoir New Delhi [India], March 25: In the last few years, the word “quiet luxury” has increasingly entered the vocabulary […]
Recent Posts
Categories
- Real Estate News (678)