If you’re planning to buy a home in Gurugram, be ready for a possible price shock.
The district administration has proposed a major hike in circle rates (the minimum property value set by the government for stamp duty).
These new rates could further push up already high property prices.
In residential areas, the proposed hike ranges from 8% to 77%, while for agricultural land, it could go up to 145%.
If the Haryana state government approves this proposal, the new rates may come into effect within a month.
Details of Proposed Increases
High-End Areas: Circle rates in premium locations like Golf Course Road, DLF Phase 1-5, South City, Sushant Lok, and Suncity may rise by 10% to 20%.
Luxury Apartments: Rates for properties like DLF Aralias, The Magnolias, and The Camellias may increase from ₹35,750 to ₹39,325 per sq ft.
Market vs Circle Rate Gap: Experts point out that circle rates are still 30-60% lower than actual market rates.
For instance, DLF The Crest has a market rate of ₹50,000 per sq ft, while the current circle rate is only ₹18,866 per sq ft.
Biggest Hikes in New Sectors and Villages
In areas along the Dwarka Expressway, a 62% hike has been proposed.
In Gurgaon village, the rate may jump by 77%, increasing from ₹25,300 to ₹45,000 per square yard.
For agricultural land:
In Bajghera, the rate could rise from ₹2 crore to ₹5 crore per acre — a 145% jump.
In Sirhaul, a 108% increase has been suggested.
What Do Buyers Think?
Nitin Mishra, an IT professional in Gurugram, says that rising prices are making the city unaffordable for the middle class.
He believes this will affect not just home buyers, but the entire city’s economy.
On the other hand, some experts support the move, saying that aligning circle rates with market prices will improve transparency and tax collection.
Still, many feel the proposed hike is too aggressive.
