Even though property prices have ceased to increase in Gurgaon in the 12 months, the state government has implemented a routine hike of 10-12 per cent in collector rates (also known as circle rates) for land registration.
The new collector rates for the ‘hyper-potential zone’, as Gurgaon is tagged in revenue records, would be effective from June 29.
In DLF City (Phase I-IV), where the market rate of land ranges between Rs 50,000 and Rs 70,000 per sq yard, the collector rates has been increased from Rs 19,000-21,000 to Rs 21000-Rs 23,000.
In Sushant Lok (Phase I-III) the collector rates now stand revised at Rs 20,000-21,000 as against Rs 18,500-19,000 per
According to government officials, the hike in collector rates is a routine exercise and has nothing to do with the realty market situation.
“The revenue department has its own targets to accomplish on a yearly basis and revision of collector rates is part of the routine exercise. It was during 2007-08 only when we had hiked collector rates by 25-30 percent as there was a major jump in the realty market at that time in Gurgaon,” he added.
New collector rates have also witnessed a jump of 10 per cent in HUDA sectors. But collector rates in commercial sectors have been revised to a maximum of Rs 55,000 per sq yard from last year’s Rs 35,000 per sq yard.
In villages, maximum hike has been implemented in Dhundahera village, abutting industrial sector Udyog Vihar where the collector rates have been increased to Rs 1.5 crore per acre from last year’s Rs 1 crore.