Gurgaon Circle Rates Hike Expected To Hit Sales During Festive Season

Pic Credit: What's Up Life

Just ahead of the festive season, Gurgaon circle rates have been increased by 10-25 per cent. Understandably, potential home buyers, as well as real estate developers, are not very happy with the state government’s recent move.

The new revised rates will be applicable from Oct. 19. This is the second time that the administration has revised the circle rates in this fiscal year.

The increase had been made as per the demand for land and properties in a particular area. The new rates will be applicable to both commercial and residential properties.

“This hike will now have an impact on our choices. We may now have to revisit the properties that we had shortlisted earlier,” Kiran Joshi, a resident of Dwarka and potential home buyer, told TOI.

The hike in circle rates in some upcoming areas in Gurgaon are expected to push the property prices further.

Not only the buyers, but the government’s recent move is also not very well received by the developers, who are gearing up for the increase in demand due to the upcoming festive season. However, such a sharp increase in registration fee may discourage the buyers, especially the first-time investors, from making the buying decision anytime sooner.

“This hike may disappoint buyers planning to invest in the region, especially genuine and first-time investors who have limited and accounted means,” Puneet Khullar, vice-president, Brahma Centre Development Pvt. Ltd told the publication.

Pic Credit: Twitter

The revision in the Gurgaon circle rates will affect properties up to two acres from Delhi-Gurugram Expressway, Dwarka Expressway and Gurugram-Alwar Expressway the most as the rates here are increased by 25 per cent. Prominent areas that fall under this segment include Daultabad, Adarsh Nagar, New Palam Vihar, Sheetla Colony Bhawani Enclave and Shivaji Park.

However, the licensed colonies, such as DLF phases and Sushant Lok areas, remain unaffected due to the recent move as the circle rates in these areas are not altered.

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