Circles rates in the city are expected to be revised by the end of this month and come into effect from February 1. The new rates were supposed to have been implemented from January 1, but there has been no announcement so far. For now, properties will be registered according to the existing rate.
Haryana government had proposed a 30-80% hike in the circle rates of properties across various categories in the city. A draft was prepared and put up in the public domain in the first week of December to seek suggestions and objections from residents.
The new circle rate will be based on the rate at which properties were registered in 2023 in a given area. In some areas, properties were registered at 80-90% above the existing circle rate. The rates will be increased with an objective to bridge the gap between circle and market prices.
Similarly, a 40-80% hike in the circle rate has been proposed for agricultural and commercial plots in and around Badshapur. In Wazirabad tehsil area, the circle rate has been proposed for a 60-70% hike for residential and commercial land. Circle rate is the minimum rate fixed by a government for registration of properties and determining the stamp duty, which varies in localities in keeping with the civic amenities.
On an average, Haryana government collects around Rs 125 crore a month in stamp duty in the city. Circle rates in the city are revised twice a year to match the shooting property market prices. Just out of the pandemic, the district administration had decided not to revise the circle rate last year.
