Circle Rates May Go Up Next Fiscal in Gurugram

Among those that will see the steepest increase in circle rates are upscale condominiums like the Aralias, Magnolias and Camellias –from Rs 20,000 per square feet to Rs 23,000 per square feet.

GURUGRAM: Circle rates in the city, which have been unchanged for nearly a year, are likely to go up next fiscal.

The administration on Tuesday proposed a revision across categories. Among those that will see the steepest increase in circle rates are upscale condominiums like the Aralias, Magnolias and Camellias –from Rs 20,000 per square feet to Rs 23,000 per square feet.

The circle rate for group housing in sectors 15, 27, 28, 30, 3, 32A, 39, 40, 41, 42, 43, 45, 46, 50, 51, 52, 53, 54, 55, 56 and 57 is proposed to go up from Rs 5,000 per sqft to Rs 7,000 per sqft. For flats in group housing societies and plots in licensed colonies in sectors 58, 59, 60, 61, 62, 63 and 63A, an increase to Rs 5,000 per sqft from the current Rs 3,500 per sqft has been proposed.

“We have transferred the proposed hover rates for the 2021-2022 financial year on our site. We have welcomed protests and proposals till January 15 after which the last circle rates will be informed. These rates will be executed from April 2021,” said Bhakti Ram, the locale income official.

The hover rate for Laburnum, Unitech World Spa, Parsvnath Exotica, The Verandas, Palm Springs, Exotica, Park Place, Belaire, Vipul Belmonte, Central Park and Princeton is proposed to increment from Rs 8,000 for each sq feet to Rs 9,000 for every sq feet.

“The hover rates for manufacturer floors in authorized states/HSVP areas are proposed to increment from Rs 5,500 for each sqft to Rs 6,500 for every sqft. The region organization ought not actualize the proposed climb in hover rates since homebuyers are now enduring because of the pandemic. The organization should reclaim these proposed circle rates,” said Ramesh Singla, leader of Gurugram Home Developers and Plot Holders Association.

In Manesar tehsil, the circle rate for independent floors in sectors 77, 78, 80, 81A, 82A, 83, M1 (D), M1(B), Sector 84, metro depot and ISBT is proposed to increase from Rs 4,500 per sqft to Rs 5,000 per sqft. For independent floors in sectors 79, 79(A), 79 (B), 85, 86, 87 (partly), M1, M1(A) and M1(C), a revision to Rs 5,000 per sqft from Rs 4,400 per sqft has been proposed.

In Pataudi tehsil, too, circle rates for residential and commercial areas in 61 villages are likely to go up – by Rs 200 per sq yard to Rs 400 per sq yard in residential areas. In sub-tehsil Kadipur, the circle rates of multi-storey group housing and independent floors in sectors 9, 9A, 9B, 10, 10A, 33, 34, 35, 36, 37, 37A is proposed to increase from Rs 5,000 per sqft to Rs 8,000 per sqft. An upward revision has also been proposed in the entire Farrukhnagar tehsil.

The circle rate of commercial space in some areas in sub tehsil Wazirabad, meanwhile, are likely to see a revision from Rs 9,000 per sqft to Rs 12,000 per sqft while the rate for office space is proposed to increase from Rs 6,600 per sqft to Rs 9,000 per sqft. Circle rate determines the base value of a property for a transaction to be made.

Source By: https://realty.economictimes.indiatimes.com/news/industry/circle-rates-may-go-up-next-fiscal-in-gurugram/79751944