Gurugram Property Rates could see a potential 70% increase; here’s the reason why
The property process in Gurugram might see an unpredicted hike as a new collector rate has been proposed by the district administration for the year 2024.
The Gurugram administration has also proposed an average hike of around 40% in collector rates in the city from January 2024, taking a step that will lead to a surge in property prices by almost 70 percent in areas like Golf Course Road, MG Road, and along Dwarka Expressway.
The logistic hub of Farukhnagar will also see a major surge in property prices. The administration has also proposed an average increase in Farukhnagar agricultural land by 87% and for commercial land by 35%.
A 40 to 80 percent increase in the rates of agricultural and commercial land in Badshahpur has been proposed. In fact, changes have also been proposed in the rates of 61 to 70 percent of residential and commercial land in the Wazirabad Tehsil area. It is known as the circle rates, the collector rates are also fixed standard rates for land and other properties across the cities, below which a transaction cannot be registered.
As cities are vast and the value of one area may be quite different from the value of another, these rates vary from locality to locality. The rates form the yardstick for the actual price or market price of the property. In cities like Gurugram, the actual market price of properties varies from 30 percent to 70 percent above the collector rates.
The administration had invited objections to the proposed rates and got around 20 of them which are being reviewed.
DC Nishant Yadav said the objections received have also been put up for committee which will review them and if also found apt and feasible they will also be incorporated.