The real estate sector in Gurugram has seen a surge in demand, prompting the government to capitalize on the trend by increasing the circle rate.
Real Estate In Gurugram: Buying a home in Gurugram, the tech city of North India, could be costly due to an increase in circle rates by the Haryana government. The rates have been hiked by up to 30 per cent in Gurugram district, making it expensive for home buyers to register their property.
The decision to increase the circle rates means that home buyers will have to pay higher stamp duty during property registration. This comes as an added burden for home buyers, whose budgets are already stretched due to high EMIs on home loans.
The circle rate is set by the government for the sale and transfer of houses, flats, or commercial properties. Stamp duty is charged based on the circle rate during the transfer of property. The increase in circle rates ranges from 10 per cent to 30 per cent in all tehsils of the district, including Gurugram, Sohna, Pataudi, Farukhnagar, Badshahpur, Manesar, and Wazirabad.
In some areas, such as Golf Course, Dwarka Expressway, and Southern Ferryferal Road, the circle rate has been increased by 30 per cent. Meanwhile, in Sector 26 and 26A, the circle rate has been increased by 11 per cent, and by 10 per cent in commercial areas.
The government increases circle rates to bridge the gap between market rates and circle rates. This also increases their income, as it is the biggest source of revenue for state governments. With the recent boom in the real estate market in Gurugram, the government has decided to increase its income by raising circle rates.
Potential homebuyers in Gurugram should brace themselves for higher expenses when registering their properties due to the increase in circle rates by the Haryana government. The increase in circle rates may lead to a decline in the real estate market in Gurugram, making it difficult for both buyers and sellers to participate in the real estate market.
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