Starting from December 1, Circle rates in major cities of Haryana, including Gurugram, reportedly witnessed a significant hike and will remain in effect till March 31, 2025. The surge in circle rates is likely to reflect on the property registries within the area, with increased costs.
Gurugram Witnesses A Surge Of 10-30% In Circle Rates
In Gurugram, circle rates escalated from 10% to 30%. The circle rate of the Golf Course Road will likely increase by 30%, according to reports.
Faridabad Witnesses A Hike
Faridabad has also seen an increase in circle rates from 10% to 20%. Other areas like Farrukhanagar will witness a 10% to 15% hike in agriculture, residential, and commercial properties, reports added. In luxury residential projects, including DLF Aralias, DLF Magnolias, and DLF Camellias, property prices are expected to rise substantially.
Impact On Agricultural Land Rates
Some agricultural lands have witnessed a hike in circle rates. The circle rates in Badshahpur’s Aklimpur village have gone up by 30%. Reports revealed the circle rates in Fajilpur and Maidavas villages have increased by 26%. Manesar’s circle rates have also risen by 10%.
Group Housing, Private Builder Areas Affected
There has been a 21% rise in circle rates in areas, including group housing societies, private builder area, and Dwarka Expressway in Manesar.
Reason For The Hike
Ankit Chauksi, SDM of Badshahpur subdivision, said that the circle rate hike was implemented after a long time and was based on recommendations from the registry portal. The rates are likely to be revised again in April 2025 and people can file complaints before that. The revision was scheduled for January 2024 earlier but got delayed due to several reasons.
What Is Circle Rate?
The circle rate is the minimum price set by the government. It is legally binding, so the actual market rate can fluctuate depending on several factors like demand, location, etc.
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