Gurugram: Home buyers plan to use the spread of pandemic in the market and buy property in the upcale condominium of the city must set aside a higher budget.
The government has agreed to increase the circle rate for the current year, which will make property registration more expensive in areas where most new housing in the city is available.
After the revision, the line line sector side by side with the South Peripheral Road (SPR), Golf Road and Dwarka Expressway have increased by 25%.
However, the level of commercial sector circles remains unchanged.
Line circle is a minimum price defined by the government where sales or transfer plots, built-up houses, apartments, commercial property or land take place.
The property cannot be registered below this price.
Stamp duty and registration fees for property are also based on this.
In the sectors along the SPR, which is prominent to 58 to 65 which is closest to the Golf Road and a fast metro corridor, the rate of circle for land has risen by Rs 6,000 per square page.
The new circle level in this area is Rs 36,000 per square meter.
In DLF 2, the tariff has been revised from Rs 77,000 per square meter to RS 85,000.
Sectors along the Golf Course – 27, 28, 42 and 43 roads have witnessed an increase in the rate of circle by Rs 5,000 to Rs 55,000 per square meter.
In new sectors along the Dwarka Expressway, the level of the circle has increased from Rs 30,000 to Rs 36,000 per square meter.
Among the colonies, the level of the circle has increased in the range of 5-10% in Gurugram and Wazirabad Tehsils, 25% in Badshapur Tehsil, and 10 -15% in Manesar.
Circle rates for the HSVP sector have been conducted 5-10% in Turugram Tehsil, 10-12% in Badshapur and 10-15% in Wazirabad.
In the cooperative group housing group, Gurugram saw a maximum increase in 66% in the circle rate, followed by Manesar (38%) and 5-10% in Wazirabad.
For housing floors and other multi-floating group builders, the circle level has seen a maximum increase in Manesar (30-40%), followed by 10-20% in TEKUGRAM TEHSIL – which translates to Rs 500 per square foot increases for flats – and 10 -15% in Badshapur.
The developer said the line circle increase would affect the realty sector, which witnessed a difficult phase due to a pandemic, and suddenly saw green photo shoot.
Navdeep Sardana, Elite Landbase Implementing Director, said the real estate market has revived and an increase in the level of circle will hamper it.
“The higher purchase costs produced from a higher level of circle can disrupt the residential real estate market, with a more severe secondary market implication,” he said.
Saransh Saran, the implementing director of the Group, said the decision to raise the circle rate would place additional burdens in prospective home buyers in the form of higher stamp duty for property registration.
“This should be avoided, especially during a pandemic,” he said.
Pradeep Aggarwal, chairman of the global signature, added, “a higher acquisition fee caused by a higher circle rate will reduce sentiment.
Objective market assessment of property prices is the need for hours, but the approach to determining the level of the circle needs to be reconsidered to capture the level The market is more accurate, “he said.
A recent survey by the Property Portal found housing sales in all Indian markets, especially in NCR, has increased almost to the pre-covid level but there is no increase in the average price of housing apartments, showing price flatness is drawing more buyers Investment when the economy emerged from a pandemic.
But the price of housing plots is valued, especially in the Gurugram and Sohna market and several regions along the Dwarka toll road, according to the survey.
The cities of Delhi-NCR added 31,710 new units in 2021 compared to 18,530 units in 2020 – a significant increase of 71%, according to other surveys.