Circle Rates in Gurugram are Set to Increase by 10-30% Starting December 2024

                GURUGRAM: Circle rates for registering 
properties are set to increase in a range of 10-
30%, a development that could drive up 
housing prices in the city, which is already 
among 
India's costliest real estate markets.
The new circle rates, district administration 
officials said on Friday, will come into effect 
from Dec 1 and will be applicable at least till 
Mar 31, 2025. The decision to hike circle rate 
was 
taken at a meeting of deputy commissioner 
Ajay Kumar with sub-divisional officers and 
revenue department officials on Friday.
Officials said most areas of the city will see 
circle rates hiked by 10% to 20%. But the city's 
most sought-after areas near Golf Course 
Road, Southern Peripheral Expressway and 
Dwarka Expressway will see hikes up to 30%.
DC Ajay Kumar said the range was decided 
based on market value of properties within 
specific areas.
"There are some key areas in the district where 
the market value is significantly high. This is 
why an increase of up to 30% in collector rate 
was decided for those locations," he said.
Kumar explained that changes in collector 
rates, or circle rates, are recommended by a 
district-level committee that carries out market 
research before giving its advice. New rates 
come into effect after the state govt gives its 
final approval.
Officials said they have received approval from 
the govt, but a detailed order on the exact hike 
in circle rates is awaited. Realtors said 
property prices in Gurgaon are only expected 
to 
go up.
"Despite very high property prices, Gurgaon's 
real estate sector leads not just in NCR, but it's 
also among the top performers in the country. 
Therefore, an increase in circle rate will 
bring it on par with market rate," said Mohit 
Kalia, vice-president (sales), Raheja 
Developers.
Sanjeev Arora, director of 360 Realtors, said 
the impact of circle rate on property prices will 
be limited. "In most of the major micro-
markets of Gurgaon, such as Golf Course 
Road, 
Golf Course Extension Road, SPR and MG 
Road, property prices are already much higher 
than the existing circle rates. In other emerging 
areas also, such as Sohna, New Gurgaon 
and Dwarka Expressway, property prices are 
higher. That's why we don't foresee any major 
jump," Arora said.
He said prices will continue to increase in the 
city due to high demand and limited supplies. 
"People across age groups and profiles take 
homeownership seriously. The market will 
continue to gain steam," he added.
Those looking to buy houses in the city said 
property rates were already over-the-top in 
Gurgaon, and a consistent increase would 
make it completely out of reach for the middle 
class.
"Property prices are in several crores, and it 
keeps on increasing. An Increase in circle rate 
will further increase prices and the dream of 
owning a house in Gurgaon will become a 
distant dream for common people," said 
Kamlesh Bist, a resident of Sector 84, who is 
looking for a new house to purchase.

Source : Economic Times