New Delhi -°C
Today in New Delhi, India

Feb 25, 2020-Tuesday
-°C

Humidity
-

Wind
-

Select city

Metro cities - Delhi, Mumbai, Chennai, Kolkata

Other cities - Noida, Gurgaon, Bengaluru, Hyderabad, Bhopal , Chandigarh , Dehradun, Indore, Jaipur, Lucknow, Patna, Ranchi

Home / Gurugram / No hike in Gurugram circle rates; residents, realtors rejoice

No hike in Gurugram circle rates; residents, realtors rejoice

gurugram Updated: Feb 10, 2020 23:08 IST
Hindustantimes

Barring few villages on the outskirts of the city there has been no change in the circle rates, which was revised by the district administration and implemented from Monday. District revenue officials said the circle rates have been kept unchanged in view of the market condition and submissions made by city residents and other stakeholders.

It may be noted that the circle rates were proposed to be doubled, particularly for plots and group housing colonies, in upscale areas, but the move had evoked strong opposition from stakeholders, including homebuyers as there was apprehension that it could worsen the realty market, which has been hit hard by economic slowdown.

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. Circle rates are revised twice a year by a committee comprising revenue department officials and headed by the deputy commissioner.

District revenue officer Manbir Sangwan said that barring land along the Najafgarh drain, which gets waterlogged, no change has been effected in the circle rates. “The rate for land in some villages along the drain has been reduced. No other changes have been made in any area,” he said, adding that this was the second revision in the circle rates for this year.

Gurugram deputy commissioner Amit Khatri said, “The decision to not hike the circle rates was taken keeping in view the submissions made to the revenue department and sentiments expressed by stakeholders.”

City-based consultant Sanjay Sharma said that not increasing the circle rates was the right decision and it would ensure that market activity does not get hit. “In the prevailing conditions, this move will help the real estate sector. Any increase would have dented sales,” he said.

In the last revision also, the district administration had only revised the circle rates for Sector 37-C.

Although the circle rates have not been revised, the initial proposal by the district administration to double these rates, particularly for plots, from ₹5,500/sq foot to ₹10,000/sq foot had sent jitters in the market. The district administration had proposed to increase the circle rates for group housing projects in HSVP sectors from ₹5,000/sq foot to ₹12,000/ sq foot and the rates for apartments in upscale colonies, such as Aralias, Magnolias and Ambience Island, were also proposed to be increased.

The move, however, drew widespread criticism and opposition from residents and developers, who also raised the matter with Haryana chief minister Manohar Lal Khattar during a meeting in the city. A group of developers had also met the two city MLAs and submitted memoranda opposing the hike.