Homebuyers who are planning to capitalize on the flatness of the pandemic and buy property in upscale condominiums in the city will have to set aside a high budget.
The government has approved an increase in circle rates for the current year, which will make the registration of properties more expensive in areas where most new housing is available in the city. Following the amendment, the circle rate has been increased by up to 25% for sectors adjoining the Southern Peripheral Road (SPR), Golf Course Road, and Dwarka Expressway. Circle rates for commercial areas, however, remained unchanged.
Circle rates are the minimum price defined by the government at which the sale or transfer of a plot, manufactured house, apartment, commercial property, or land takes place. The property cannot be registered below this price. Stamp duty and registration charges for a property are also based on this.
In areas with SPR, major 58 to 65 that are closest to Golf Course Road and the Rapid Metro Corridor, the circle rate for land has gone up by Rs 6,000 per square yard. The new circle rate in these areas is Rs 36,000 per square yard. Rates in DLF 2 have been revised from Rs 77,000 per square yard to Rs 85,000.
Areas along Golf Course Road – 27, 28, 42, and 43 have seen an increase in circle rates from Rs 5,000 to Rs 55,000 per square yard. The circle rate has been increased from Rs 30,000 to Rs 36,000 per square yard in the new sectors along the Dwarka Expressway.
The circle rate has been increased by 5-10% in colonies of Gurugram and Wazirabad tehsil, 25% in Badshapur tehsil, and 10-15% in Manesar. Circle rates have been increased by 5-10% for HSVP sectors in Gurugram tehsil, 10-12 percent in Badshapur, and 10-15% in Wazirabad.
10-12 percent in Gurugram tehsil Badshapur and 10-15 percent in Wazirabad. It is followed by Manesar (38%) and Wazirabad at a 5-10% circle rate. For other multi-story group housing and builder floors, Manesar (30-40%) has seen the maximum increase in circle rates, followed by Gurugram tehsil with a 10-20% increase – which is Rs 500 per sq ft for flats. Is. translates into development. does – and 10-15% in Badshapur.
Developers said the increase in circle rates would adversely affect the realty sector, which saw a tough phase due to the pandemic and is witnessing green shoots recently. Navdeep Sardana, Managing Director, Elite Land Base said that the green signal. Navdeep Sardana, managing director, Elite Land Base, said the real estate market is reviving and the hike in circle rates will hamper it. “While higher purchase costs resulting from higher circle rates could worsen the already ailing residential real estate market, the secondary market impact could be more severe,” he said.