The Haryana government has proposed an increase of 30%-80% in circle rates for land and properties. The rates will be finalized by the end of the month. Until December 17, people can submit objections and suggestions.
The circle rate is the minimum rate established by the state government for property registration and stamp duty. The proposal has come as a shock to those planning to invest in the city since it will further raise property prices.
There has been a proposal by the government to increase circle rates by almost 70% in areas such as Golf Course Road, MG Road, and along the Dwarka Expressway. The proposal calls for an increase of 87% for agricultural land and 35% for commercial land in Farrukhnagar, which is emerging as a logistics hub.
The circle rates for agricultural and commercial land in Badshahpur have also been proposed to increase by 40% to 80%. The government has proposed raising it by 60%-70% for residential and commercial land in Wazirabad.
As a result of the pandemic, the administration decided to not change circle rates for 2023, which are revised twice a year to match the market rates of properties. Several factors determine the circle rates in a city, such as locality, amenities, and infrastructure available.
