Circle Rates in Gurgaon 2015 To 2016 | Gurgaon Circle Rates
First time in the last six years, since 2009 – 2010 fiscal, Haryana Government has announced not to increase the circle rates in Gurgaon 2015 To 2016. This decision was made hoping it will help revive activity in the realty market that has been uneven for a while now. This decision was based on the suggestion of a committee of revenue department officials and the deputy commissioner which intend to boost the struggling real estate market and encouraging more people to invest in the Millennium City. Increase in circle rates would have negatively impacted the real estate sector.
Circle Rates in Gurgaon usually increases by 10% – 15% every year and it’s the first time in the last six years that the rates haven’t gone up. It is believed that this would attract more investments for property in Gurgaon. The only instances of rise in circle rate in the area are that of agricultural lands in a few villages. Moreover, no change in Gurgaon Circle Rate can attract homebuyers and improve the market condition.
The real estate market is going through a sluggish phase. If circle rates were to be hiked, it would have further affected activity in the reality sector. This move will help the market recover. Increasing rates would have resulted in revenue gains but transactions would have come down. It would also result in buyers avoiding registrations. The increase in circle rates in Gurgaon is directly related to the property value as the stamp duty payable on the property also increases, which in turn impacts the property prices. This is done to prevent the undervaluation of property deals to pay less stamp duty. So by fixing circle rates the Government reduces the circulation of black money into property and also increases Government’s income from the stamp duty of properties in Gurgaon.
There has been a major increase in Circle rates of residential as well commercial properties in Gurgaon in recent years. So whenever you want to buy property in Gurgaon or invest in property in Gurgaon, you need to check the applicable circle rates for that particular area. Also, these rates keep on changing, but the circle rate in Gurgaon 2015 -1016 remains unchanged.
To ease out the need to get correct information on the circle rate in Gurgaon 2015- 2016, GurgaonPropertyBazaar keeps you updates on the circle rates for properties in Gurgaon