Gurugram, the home to high net worth individuals will witness a rise in circle rate by 10-30% percent from this year.
According to District Administration officials, the new circle rates will come into effect on 01st December. The decision to increase the circle rate in Gurugram was taken in the meeting chaired by Ajay Kumar, Deputy Commissioner with sub-divisional officers and revenue department officials on Friday.
The city will foresee a 10% to 20% increase in circle rate in the majority of localities. However, a 30% rise will be witnessed in coveted localities like Golf Course road and Dwarka expressway. Also, it will include the Southern Peripheral expressway and its nearby localities.
Also read: Reasons to Invest in Dwarka Expressway
Kumar further said that the circle rate increase in Gurugram Property, was taken after evaluating the market value of properties in the respective areas. The rise is based on the recommendations shared by a district-level committee that conducted market research. The new circle rates in Gurugram will be implemented after the final approval from the State Government.
“There are some key areas in the district where the market value is significantly high. This is why an increase of up to 30% in collector rate was decided for those locations”, he said.
Commenting on the increase, Mohit Kalia, Vice-President (sales), Raheja Developers said, “Despite very high property prices, Gurugram’s real estate sector leads not just in NCR, but it’s also among the top performers in the country. Therefore, an increase in circle rate will bring it on par with market rate.”
Sanjeev Arora, Director, 360 Realtors said, “In most of the major micro-markets of Gurgaon, such as Golf Course road, Golf Course Extension Road, SPR and MG Road, property prices are already much higher than the existing circle rates. In other emerging areas also, such as Sohna, New Gurgaon, and Dwarka Expressway, property prices are higher. That’s why we don’t foresee any major jump.”
The rising circle rate is likely to make home buying a dream a local said, “Property prices are in several crore and it keeps on increasing. An increase in circle rate will further increase prices and the dream of owning a property in Gurugram will become a distant dream for common people.”
