Property circle rates in Gurugram not to be tweaked this year

GURUGRAM: The district administration has proposed to keep the circle rates of properties unchanged for the second half of this fiscal, with the Covid pandemic battering the real estate sector that is already in the grip of a multi-year slump.

If the state government approves the proposal, then the existing rates will continue in Gurgaon, a premium real estate market in India, post-October 10 also.

The administration has invited suggestions and objections from the residents and other stakeholders on the proposed circle rates, which have already been uploaded on its website. “The proposed rates will be implemented from October 10. Residents can send in their suggestions and objections on the proposed rates till October 4,” said Amit Khatri, deputy commissioner.

Circle rate is the minimum price at which a property has to be registered in case of its transfer or sale. In Gurgaon, the circle rates are hiked twice in a financial year. In the last revision, the circle rates of properties in residential areas of sectors 15, 31 and 32A was increased from Rs 44,000 per sq yard to Rs 45,000 sq yard, while the same had been reduced from Rs 45,000 per sq yard to Rs 44,000 per sq yard in Sector 40.

Residential areas in Wazirabad’s Chandan Nagar and Saini Khera had also witnessed an increase in the previous revision of circle rates. While the circle rate of properties in Chandan Nagar was increased from Rs 18,000 per sq yard to Rs 36,000 per sq yard, that in Saini Khera had been hiked from Rs 20,000 per sq yard to Rs 30,000 per sq yard.

“We have not changed the circle rates for the second half of this fiscal since the property market rates too are not increasing in Gurgaon. The old rates have been proposed keeping in mind the current market rates,” said Basti Ram, district revenue officer.

Homebuyers have welcomed the proposal. “At a time when the pandemic has already hit people hard, the proposal to keep the circle rates unchanged is a relief for investors,” said Ramesh Singla of Gurugram Home Developers and Plot Holders Association.