The district administration on Saturday raised the circle rates in Gurgaon by up to 15%, considered an average hike.
The revision will lead to a substantial hike in the price of land and plots across residential, commercial and industrial areas. Deputy commissioner PC Meena announced the rates which will come into effect from April 1.
According to the new rates for the financial year 2013-14, value of up to two acres of land adjoining National Highway 8 and the Northern Peripheral Road (Dwarka expressway) will increase by 20%. Similarly, the value of up to two acres of land at Gurgaon-Sohna Road and Gurgaon-Pataudi Road will increase by 10%.
These revisions will lead to shooting of agricultural land prices in Gurgaon.
Like last year, no changes have been made in the stamp duty rates on land less than 1,000 square yards. It will continue to be treated as residential land for stamp duty collection.
Circle rates of prime residential land plots in licensed colonies such as DLF City Phase 1 and Sushant Lok Phase 1 have been increased from Rs. 65,000 per square yard to Rs. 70,000 per square yard. Rates for commercial plots in these areas will increase from Rs. 135,000 per square yard to Rs. 150,000 per square yard.
Rates have also been increased in the institutional and industrial areas.
Circle rate is the minimum rate at which a property can be bought or sold. These rates are set by the government to prevent buyers and sellers from paying less stamp duty by showing very low values of property deals.
Higher circle rates lead to high cost of registration of properties as buyers need to spend more as stamp duty charges.
Gurgaon has five revenue zones — Gurgaon, Manesar, Sohna, Farukhnagar and Pataudi.