The circle rates in Gurugram have been increased by 10% by the district administration, according to the latest revised rates. This is applicable for both commercial spaces and residential apartments. This is likely to influence the property prices in the city. The changes will be applicable in different parts of Gurugram. The demand for real estate in Gurugram has been increasing over the years. Investors and homeowners from various parts of the city are looking for quality apartments in the city. MNCs are also looking for commercial spaces in Gurugram. As a result, the demand for property in the city are rising, and so are the prices. The revised rates will be implemented from April 9th and the properties will be registered as per the new rate.
However, it must be noted that the circle rates in the city had just been revised on February 12th. This increment had been made after a gap of four years. Since 2014, the circle rates in Gurugram had remained unchanged. This increment will have an effect on real estate in India. The rates have been increased in quick succession within a few months, and it might take a little time for the industry to get adjusted to the changes. People willing to buy commercial property in India should have a look at the revised circle rates.
The city has been divided into a number of areas, as per the new rates. The rate for each colony or sector is different. Besides, certain new policies have been implemented in fixing the rates for certain areas. For instance, areas like Golf Course Road, MG Road, Delhi-Gurugram Expressway and Sohna Road have got a unified rate. These areas have been categorized as a specific circle and the rates are uniform in these areas.
The authorities are of the opinion, that the revised rates will help in increasing the revenue collections from the city. they also accounted that the administration has strived to rationalize the prices of property as much as possible in various parts of the city.Previously, certain adjoining areas had huge difference in the circle rates. Attempts have been made to bring the rates in these areas at par. This will boost up the Indian real estate industry, as the rates for the different areas will become more uniform. This will also keep the rates of real estate and land prices in rural and urban areas tuned to the market prices. In December 2017, the Haryana government had decided to check the circle rates twice a year. This is why the circle rate is being revised for the second time in 2018.
The real estate market in India is expanding, and the strategies integrated by the government are likely to boost up the industry. The circle rates refer to the minimum price at which a property can be registered, while it is being transferred. The circle rates for both residential and commercial real estate are to undergo the hike. This will influence the property prices in Gurugram in the years to come. You can have a look at the revised property prices.
