premium property prices in Gurugram are set for a steep rise this year owing to more than doubling of circle rates in the region, The Times of India reported.
The Gurugram administration on Monday proposed higher circle rates. Circle rate decides the amount one pays while registering properties. It is the minimum price at which a property is transferred in the government records.
Upscale condominiums along Golf Course Road, including Parsvnath Exotica, The Verandas, Palm Springs, Park Place, Belaire, Camellias, Vipul Belmonte, and Central Park, and in DLF 5 are set to get steeper, the ToI report said.
The circle rate in the area around these properties will likely increase from the existing Rs 8,000 per sq ft. to Rs 17,000 per sq ft. However, the residents of these condominiums have been invited by the administration to submit objections and suggestions before January 10 after which the new rates will be finalised and notified, said the report.
According to the experts that ToI spoke with the price rise will have a negative impact on luxury real estate transactions.
Brokerage AnandRathi has said that the move to increase circle rates seems to be aimed at curbing under reporting in case of secondary market transactions.
Most new properties along the identified area have been quoting in excess of existing circle rates, the brokerage added.
Source : Cnbct TV18
