Circle rate hike to hit sales during festive season in Gurugram

Potential homebuyers as well as real estate developers are unhappy with the state government’s latest move to increase circle rates by 10-25%, which is likely to push up property prices proportionately in large parts of the city. Developers argued that the second rise in the circle rates within a year (earlier they were revised in April) would have a negative impact on real estate transactions, especially in Wazirabad, Badshapur, Kadipur and Harsuru sub-tehsils where new rates will come into effect on October 19. Vijay Yadav, district revenue officer, said the areas, where the rates had been revised, fell under the municipal limits along Delhi-Gurugram Expressway, Dwarka Expressway and Gurugram-Alwar Highway (Sohna Road). Prominent areas include Daultabad, Adarsh Nagar, New Palam Vihar, Sheetla Colony, Bhawani Enclave and Shivaji Park, among many others. It will increase registration fees for both commercial and residential properties. However, the rates for licensed colonies, such DLF phases and Sushant Lok areas, have not been changed.