The stamp duty and registration charges paid at the time of purchasing a property is a huge source for states to generate revenue. But, the ongoing slowdown in the real estate market has left a big impact on the state revenues too. Due to this refraining attitude of home buyers toward the realty sector, the civic authorities in Gurgaon are dealing with the problem of cash crunch these days.
It is because of this bitter fact that Manohar Lal Khattar, Chief Minister of Haryana has instructed Gurgaon Administration Officers to revise and raise the circle rates twice a year. Those who are unaware, circle rates are the prices that are fixed by the government below which one cannot register a property.
However, slowly but steadily, the things have started looking good in the Gurgaon property market, and hence, the authorities have made the decision in the early February to raise the circle rates of several areas of Gurgaon ranging from 3% to 5%, two months prior the beginning of the fiscal year 2018-19.
As per the reports and data available online, the average property prices in the city is around ₹6400 per sq. ft. But, with this raise, the rates of the property in some of the areas of Gurgaon would even touch the new heights of ₹10000 per sq. ft.
It is a thing worth mentioning here that, in Haryana as well as Gurgaon has followed the standard practice to revise the circle rates on a regular basis annually with the average rate of around 10% to 15%. But, considering the slump in the real estate market, the rates decided in FY15 were followed in FY16. Out of all the localities here, the Millennium City was one that was worst hit by the real estate slowdown.
The Gurgaon Authority has not just raised the price, in fact, it has also made no change or decreased the circle rates in some areas of Gurgaon. For instance, the circle rates of DLF-1 and Sushant Lok-1 have remained unchanged.
The new rates on Gurgaon’s real estate were decided to come into effect from 12th February 2018. However, on February 9, Gurgaon Administration issued a notice stating that the hike in the circle rates has been put on hold for a while. The rates are likely to remain as it is, not before the month of April.
Gurgaon is one of the most reputed and prominent areas of Delhi-NCR in terms of real estate demand. The high-rise residential tower and corporate skyline itself speaks the popularity that Gurgaon has gained in the last past decades.
The fact is not hidden from anyone that maybe not in the month of February, but the circle rates of Gurgaon will definitely rise in the next coming months. The proposed rise is expected to be from 10% to 15%, which is obviously not an extra burden that home buyers have to bear.
Half of February has gone yet half of it is still there. Plus, complete 31 days of March are also there that you can use to find and purchase a property in Gurgaon.
The average property price in Gurgaon varies from 70 to 80 lakhs for a 2-BHK apartment. 10% to 15% rise in circle rates makes the apartment costlier by 7 to 10 lakhs.
So, instead of shelling out this extra amount, it’s time now when you should definitely buy a property in Gurgaon, such as Godrej Nature Plus on Sohna Road. Godrej Nature Plus is a newly launched development by Godrej Properties at Sohna Sector 33, Gurgaon. Godrej Nature Plus is one of the first residential projects by the renowned of the group in Sohna. It is one such newly-launched properties that are worth investing before the rise in the circle rates.