Circle rate lowered in Gurugram Sector 37C

Circle rates are revised twice a year by a committee, headed by the Deputy Commissioner, comprising revenue department officials.

Barring one sector in the district, the circle rates remain the same for the city, officials said. Revenue officials said that only Sector 37C will have a new circle rate, which is going to be lowered.

Barring one sector in the district, the circle rates remain the same for the city, officials said. Revenue officials said that only Sector 37C will have a new circle rate, which is going to be lowered. (Photo by Sunil Ghosh / Hindustan Times)

Circle rates are revised twice a year by a committee, headed by the Deputy Commissioner, comprising revenue department officials.

Vijay Yadav, district revenue officer, Gurugram, said, “The rate in Sector 37 C was ₹5,000 per sq yd, but it has been brought down to ₹3,700 per sq yd. The rates have not been changed in any other part of the city,” said Yadav. The revised rate would be effective from Thursday.

Officials said the reduction was done due to several objections from the residents, alleging that the rate was on the higher side. “We sought a report on these objections from the revenue officials concerned, on the basis of which the recommendation was made,” said Yadav.

Collector or circle rate is the minimum price at which a property is registered when being transferred and it is a major source of revenue for the government, in terms of stamp duty.

Real estate experts said that circle rates are changed based on the buoyancy of the real estate market, the registries that take place in the district and the tax revenue. “The business sentiment in real estate sector is not strong and increasing rates would have further dampened the market,” said Sanjay Sharma, a real estate consultant.

The decision not to hike the circle rates is likely to give the market a boost as there has been a little spurt in sale of residential plots and higher taxes could have impacted buyers, said real estate brokers.