Gurugram: The recent news released about the doubling the circle rates for some of the old colonies in Gurugram district located close to the Dwarka Expressway has created worrisome situation. The Gurugram administration finally published the much awaited revised list of circle rates on its website of December 18 midnight. The people were first upset due to delay of about two and a half months in publishing this list. Now the figures published in the website has nothing to offer but increase in disappointment among people looking for buying house in old colonies near Dwarka Expressway.
The circle rate is the minimum price at which property is registered while being transferred. The circle rate which is also called as stamp duty is one of the main source of revenue for the government. The government has provision to revise the circle rates twice in the financial year. For the financial year of 2018-19, the circle rates were revised first time in April 2018. The Gurugram revenue department collected about Rs. 550 crore from the stamp duty sales in current quarter. For next quarter which happens to be last quarter of this financial year, it is estimated that this revision in rates will generate additional revenue of Rs. 250-300 crore by stamp duty sales. This revised circle rates has been effective from December 20.
The new rates were first proposed to public on September 28 with an intention to seek suggestion and feedback. The government had planned to imposed the new rates from October 10 onwards. According to the district revenue office, the suggestions and opinions of public were collated and were forwarded to government for their perusal. However, the final published rates shows no difference in the new rates that were initially announced on September 28.
Here are notable changes in circle rates of few areas:
- Barf Khana revised from Rs 26,000/sq. yd to Rs 48,000/ sq. yd
- Chandan Nagar revised from Rs 18,000/sq. yd to Rs 36,000/sq. yd
- Jacubpura circle revised from Rs 30,000/ sq. yd to Rs 48,000/sq. yd
- Anamika Enclave revised from 20,000/sq. yd to Rs 33,000/ sq. yd
- Bhim Garh Kheri revised from Rs.12,000/sq. yd to Rs.24,000/sq. yd
Other areas that are affected by the increase in circle rates are Dualatabad, Delhi Gurgaon Expressway, Basai Road, Bajghera Road, Railway Road and areas nearby Dwarka Expressway. The areas that are exempted from the revision in circle rates are licensed colonies such as Sushant Lok, Palam Vihar, DLF Phases and HUDS/HSVP sectors. The circle rate of the private development projects are also not affected.
According to revenue officials, the rapid increase in the infrastructure development is the cause in double increase in circle rates. The sales and purchase of properties is the only factor that is considered while amending the circle rates. Some of the noteworthy projects such as flyover construction on Bajghera railway crossing, widening of Basai Road, construction of evolved corridor on Basai Road and proposed metro stations which has resulted in property sales.
There is not denial in the fact that these massive infrastructure developments offers the promising future to the home buyers in old colonies near Dwarka Expressway. However, the home buyers are not able to hide their discontent due to doubling the circle rates causing them to unexpectedly raise their housing budget.