Gurugram Real Estate To Witness Appreciation In Prices Due To Circle Rate Hike By 90% in Posh Areas

Gurgaon authorities in a shocking move have increased the circle rate of property in Gurgaon by 90%. For now, the hike is applicable to some of the posh areas of the city. The real estate sector has seemed to be affected the most by this notice as the property sector is still recovering from the COVID19 setback. Furthermore, to bring more clarity on its decision the Revenue department in its official statement said that “The revised circle rates are taken in to effect from April 8. Registry processed from Thursday onwards will have to be per the revised circle rate”

The move has created a buzz in Gurgaon real-estate sector due to an unexpected hike in circle rates leading to cause appreciation in prices of properties in the Gurgaon region’s posh localities namely Magnolias, DLF’s Camellias, and Aralias, the price hike witnessed ranging from INR 12,000 sq ft to INR 25,000 sq ft.

The Revised circle rates of the properties in DLF’s Carlton and Crest has led the home buyers to look for other options as now they have to spend in the range of INR 8,000 sq ft to INR 15,000 and INR 12,000 respectively. Additionally, the circle rate for other best locations including Laburnum, Unitech World Spa, Parsvnath Exotica, The Verandas, Palm Springs, Exotica, Park Place, Belaire, Vipul Belmonte, Central Park and Princeton now has got increased from INR 8,000 per sq ft to INR 9,000 per sq ft.

Apart from that the spaces in housing societies in licensed colonies located at sectors 58, 59, 60, 61, 62, 63 and 63A, the prices per sq ft have witnessed an increase of INR 5,000 to INR 3,500.

While the circle rates for builder floors in licensed colonies has been increased from Rs 5,500 per sqft to Rs 6,500 per sqft, which is likely to impact the pricing of independent floors in the city.