The revision of circle rates in the city is anticipated to be completed by the end of this month, with the new rates scheduled to take effect from February 1. Although the initial plan was to implement the new rates starting January 1, no official announcement has been made yet. Consequently, current property registrations will adhere to the existing rates.
The Haryana government proposed a substantial increase, ranging from 30% to 80%, in circle rates for properties across different categories in the city. A draft outlining these changes was released to the public in early December, inviting suggestions and objections from residents.
Nishant Yadav, the Deputy Commissioner, noted that the rates for most properties were finalised, except for flats in group housing societies, which are still under examination. He emphasised that the new circle rates would be determined by the registry amount for a specific area, reflecting the property registration values in 2023. In areas where properties were registered significantly above the existing circle rates, the new rates aim to narrow the gap between circle rates and market prices.
As per the draft prepared last month, certain areas, such as Golf Course Road, MG Road, and along the Dwarka Expressway, are expected to see a 70% increase in circle rates. Meanwhile, in emerging logistics hubs like Farrukhnagar, agricultural land rates could rise by 87%, and commercial plot rates may increase by around 35%. Similarly, proposed hikes of 40-80% in circle rates are suggested for agricultural and commercial plots in and around Badshapur, while in Wazirabad tehsil area, residential and commercial land rates could see a 60-70% increase.
The circle rate, a government-set minimum for property registration and stamp duty determination, varies based on locality and civic amenities. On average, the Haryana government collects approximately Rs 1.25 billion in stamp duty monthly from the city. Circle rates in the city are adjusted biannually to align with the dynamic property market, and in the previous year, the district administration opted not to revise them in light of the pandemic.
