Property rates in Gurugram may increase by 70 per cent; here is why

Property rates in Gurugram may increase by 70 per cent; here is why

Property prices in Gurugram may see an unprecedented hike as new collector rates have been proposed by the district administration for the year 2024.

The Gurugram administration has proposed an average hike of around 40 per cent in collector rates in the city from January 2024, a step which will lead to surge in property prices by almost 70 per cent in areas like Golf Course Road, MG Road and along Dwarka Expressway etc.

The logistic hub of Farukhnagar will also see a major surge in property prices. The administration has proposed an average increase in Farukhnagar agricultural land by 87 per cent and for commercial land by 35 per cent.

A 40 to 80 per cent increase in the rates of agricultural and commercial land in Badshahpur has been proposed. Changes have been proposed in the rates of 61 to 70 per cent of residential and commercial land in the Wazirabad tehsil area. Also known as circle rates, the collector rates are a fixed standard rate 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 actual price or market price of property. In cities like Gurugram the actual market price of properties varies from 30 per cent to 70 per cent above the collector rates.

The administration had invited objections to the proposed rates and got around 20 of them which are being reviewed.

“The objections received have been put up for committee which will review them and if found apt and feasible they will be incorporated,” said DC Nishant Yadav.

The announcement of new rates has meanwhile lead to a major rush in tehsil offices for registration. The offices have registered an average of 25 per cent increase in registration ever since the new rates were proposed.

“People who are buying property have rushed in to register as they will have to shell out more money from January. Majority of these registrations pertain to residential and commercial units,” revealed a revenue officer.

Source : Tribune India

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