Friday, May 9, 2014

Gurgaon Circle Rates(2014) Hiked by 10%, Condos may see Steep Price Rise

The district administration on Friday raised circles rates of Gurgaon by an average 10% for the financial year 2014-15.
While the revision will not lead to much hike in the price of land in most areas, high-end luxury condominiums are set to witness a steep increase in rates.

The administration has added a separate rate list for luxurious multi-storied group housing, developed and independent floors, which include Aralias, Laburnum, Ambience Island, Unitech Word Spa, Parsvnath Exotica and The Verandas. The circle of these has been increased by almost 70% at ` 7,000 per square feet from the earlier rate of ` 4,500 per square feet.

Circle rates of prime residential land plots in licensed colonies such as DLF Phase-1 and Sushant Lok-1 have been increased from ` 70,000 to ` 77,000 per square yard .The rates for commercial plots in these areas will also witness a steep rise from ` 1,50,000 to ` 1,65,000.

The administration has reduced the rates of certain commercial rates at Esencia (Ansal), Sec- 67 and at all new Sectors (Sector 58-113) except Sector 67.

Although, no changes have been made in the stamp duty rates, the new circle rates will affect the prices and rates of the institutional and industrial areas.

The property analysts were expecting a hike of at least 15%, similar to last year, but they claimed it did not happen due to sluggish real estate market.

Gurgaon has five rev-enue zones, namely Gurgaon, Manesar, Sohna, Farooq Nagar and Pataudi.

Circle rate is the minimum rate at which property buyers have to pay stamp duty. These rates are hiked annually by the state government to bridge the gap between present market rate of the property and the rates at which it is registered in revenue records.

Interestingly, after a delay of 18 days the circle list was uploaded on the District Administration website only to be removed within five hours.
Hindustan Times, New Delhi, 19-04-2014

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