Circle Rates Are Anticipated To See An Update Starting Next Month
Circle rates will be revised by the end of this month, and this will also affect from Feb 1, 2024. The new rates are supposed to be implemented from January 1, but it also comes with an announcement so far. Henceforth the properties are also going to be announced so far. For now, properties are going to be registered according to the existing rate.
The Haryana government has proposed a 30-80% hike in the circle rates of properties across various categories in the city. A draft was also prepared and put up in the public domain in the first week of December to seek suggestions and objections from residents.
Deputy Commissioner, Nishant Yadav commented that the rates for almost all properties are going to be final, and the officials are still examining the rates for flats in the group housing societies. The circle rates are going to depend on the registry amount for a particular amount. The new circle rate will be based on the rates at which some of the properties were registered in 2023 in a given area. In some of the major areas, these properties are going to be registered at 80-90% above the existing circle rate, in fact added that the rates are going to be increased to bridge the gap between a circle and the market price, he further added.
According to the draft prepared last month, the circle rates are going to be increased by a 70% hike in areas such as Golf Course Road, MG Road, and along with Dwarka Expressway. Some areas like Farrukhnagar are emerging as logistics rates. The rates could see an 87% rise for agricultural land and around 35% for commercial plots.
Clearly, a 40-80% hike in the circle rates has also been proposed for agricultural and commercial plots in and around Badshahpur. In fact, Wazirabad tehsil area, the circle rates have also proposed a 60-70% hike for residential and commercial land.
Basically, circle rates are the minimum rates that are fixed by the government for the registration of the properties and determining the stamp duty, this varies from the localities in keeping with the civic amenities. In fact, the Haryana government collects around Rs 125 crore a month in stamp duty in the city.
Circle rates in the city are also going to be revised twice a year to match the shooting property market prices. After the pandemic, the district administration has also decided not to revise the circle rate last year.