Circle rates up by 15% raising the property registration cost

By Accommodation Times News Service

The district administration has increased the circle rates up to 15% considering it an average hike. The revision in rate will definitely make changes in the price of land and plots across residential, commercial and industrial areas. The Deputy commissioner PC Meena announced the rates which have come into effect from April 1.

According to the new rates for the financial year 2013-14 value of up to two acres of land adjoining National Highway 8 and the Northern Peripheral Road will increase by 20%. The revisions will lead to shooting the agricultural land prices in Gurgaon. Previous year there have been no changes in the stamp duty rates on land less than 1,000 square yards. It will be treated as residential land for stamp duty collection. The Circle rates of the prime residential land plots in licensed colonies have been increased from Rs 65,000 per square yard to Rs 70,000 per square yard. Rates for the commercial plots in these areas will increase from Rs. 135,000 per square yard to Rs. 150,000 per square yard. The rates have also been increased in the institutional and industrial areas.

The circle rates are the minimum rate at which the property can be bought or sold. These rates are set by the government to prevent buyers and sellers from the payment of less stamp duty by showing very low values of property deals. Higher circle rates lead to high cost of registration of property as buyers need to spend more as stamp duty charges.

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