Properties get costlier as admin sanctions circle rate hikes

Homebuyers in the city will have to shell out more for buying property as the district administration has announced a hike in circle rates and the same would be implemented from Thursday

Homebuyers in the city will have to shell out more for buying property as the district administration has announced a hike in circle rates and the same would be implemented from Thursday.

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As per the new rates, the buyers of independent floors in the Haryana Shahari Vikas Pradhikaran (HSVP) sectors will have to shell almost 20% more as the circle rate has been increased from ₹5,500 per square feet (psf) to ₹6,500 psf. The rates for apartments in group housing societies in HSVP sectors has been increased from ₹3,600 psf to ₹7,500 psf.

In a significant move that would also make apartments more expensive on the upscale Golf Course Road, the district administration had proposed that circle rates for DLF Aralias, Magnolias and Camelias be increased from ₹20,000 psf to ₹25,000 psf.

The circle rates in group housing societies on Sohna Road and MG Road has also been increased from ₹8,000 psf to ₹9,000 psf. However, the circle rate for plots for residential plots on HSVP sectors and markets has not been changed.

The district administration said that new circle rates will be implemented from April 8. The increase in circle rates, however, has not gone down well with properly dealers as they said that this will further drag the market down

“The circle rates have been reduced in Delhi and many other states of the country. This hike in rates will further demotivate the buyers in Gurugram and Haryana, as the taxes are already high here. The government should have offered relief, but instead, hiked rates,” said Ramesh Singla, a real estate consultant.