The Haryana government has proposed higher collector rates for the Gurugram district, marking the second revision for current financial year. The state government currently reviews the collector rates – also known as circle rates – applicable to the region twice a year. Collector rate is the minimum value at which a property is registered at the time of changing hands, and is a major source of revenue for authorities. These rates are administered by state authorities from time to time, and therefore vary from city to city. While the proposed collector rates may affect demand in the district, it may boost the Noida and Greater Noida markets, say property consultants.
- In a statement dated December 27, the Gurugram administration notified the proposed collector rates applicable to five divisions and four sub-divisions in the region for the second phase of financial year 2019-20.
- The five divisions are Gurugram, Sohna, Manesar, Pataudi and Farrukhnagar. The sub-divisions are Wazirabad, Badshahpur, Kadipur and Harsaru. The district administration has urged people to submit objections and suggestions till January 10.
- A stamp duty of 8 per cent for urban parts and 6 per cent for rural regions is applicable for registration of property in the district.
- A higher collector rate – also known as circle rate – means property registration and transfers will bring higher revenue for the government in the form of stamp duty. The move to double the circle rates in some of the major markets in Gurugram district surprised many property consultants.
