The Gurgaon district administration is seeking input from citizens regarding the new circle rates. Should the proposal be accepted, collector rates in the Millennium City could see an increase of up to 90%. The planned hike is scheduled to be implemented from January 1, 2024. Residents have until December 17 to submit their objections to the proposed rate increase.
“The proposed rates will be sent to the headquarters in Chandigarh for departmental approval based on suggestions received from all the tehsils so that the approved rates can be implemented from January 1,” said Gurgaon deputy commissioner Nishant Kumar Yadav.
The district administration has proposed an average hike of 10-87% in across localities. If the move by the administration gets a go-ahead, the cost of property acquisition in Gurgaon will jack up drastically.
For the uninitiated, circle rate is the minimum value assigned to land and properties by local administrations. For the purpose of computing stamp duty and registration fee on property registration, the value of the property is arrived at using the circle rate value. Any valuation below the circle rate is not acceptable while higher valuation is allowed.
Known as collector rate across Haryana, circle rates are periodically revised to keep them closer to market rates of property.