While reports and experts are suggesting a huge boost to the real estate sector in India, here’s a little disconcerting news. Looks like prospective homebuyers will have to shell out more moolah for owning a property in Gurugram, one of the hottest property spaces in India. This comes in after the promising news of an economical advancement in commercial real estate investment. But what has led to Hiking Property Rates in Gurugram and what exactly is happening? Let’s find out more.
As per the reports, Gurugram administration has charted out a proposal which states an increase in the circle rates. This means that now, the buyers will have to spend more money in the form of stamp duty. This rate change has majorly taken place around areas that are still developing, such as Golf Course Road, MG Road, Delhi-Gurgaon Expressway, and Sohna Road. However, no such reports of any circle rate change have come for the western side of the highway, which includes areas such as Dwarka Expressway and most areas on Old Delhi-Gurgaon Road.
Experts, however, have raised an objection and cited their reasons for the same. Sanjay Sharma, a broker, says, “This move is not going to generate revenue and it will further reduce the transactions happening in the market.” This concern stems from the fact that the market, at the moment, has more sellers than buyers. A hike in the circle rate, in this scenario, is more prone to depress the market rather than uplift it.
Hiking Property Rates in Gurugram – Coming to the proposed rates, the rates for floors in residential plots has been almost doubled. It is now a whopping INR 10,000 per square foot, from an initial humble INR 5,500 per square foot. To put it in detail, sectors 15,27, 28, 30, 31-32A, 39, 40, 41, 42, 43, 45, 46, 50, 51, 52, 53, 54, 55, 56, 57’s group housing projects’ circle rates have jumped to INR 12,000 per square foot from INR 5,000 per square foot. For plots of licensed colonies and group housing society flats in sectors 58, 59, 60, 61, 62, 63, 63A, the rates increase is a little comforting, from INR 3,500 per square foot to INR 5,600 per square foot.
Another major hike is witnessed in group housing societies such as those in Gwal Pahari, where the rates have been escalated to INR 7,000 per square foot from an earlier INR 3,000 per square foot. The rate increase in HSVP sectors has been phenomenal as well, from INR 5,500 per square foot to INR 10,000 per square foot.
The increased rate has also affected the upscale residential localities. Private colonies such as Princeton, Belmonte, The Verandas, Palm Springs, Exotica, and more will have the circle rates revised to a whopping INR 17,000 per square foot, from an earlier INR 8,000 per square foot. On the other hand, Delhi-Gurgaon Express Highway’s Ambience Island has witnessed a little lower increase, from INR 10,000 per square foot to INR 13,000 per square foot. On the other hand, DLF colonies such as Magnolia, Aralias, and Camelia will see their rates revised to INR 22,000 per square foot, from an earlier INR 20,000 per square foot.
Owning a home has always been the dream of every Indian. With these rates and revisions will the wait increase? Or will some welcome change in the economy will enable such property purchases? Only time will tell. For now, let’s wait for more updates on this curious case of Gurugram’s costlier properties.