GURUGRAM: Increase in Property Rates, Fluctuates due to Rising Circle Rates

GURUGRAM: Homebuyers looking to take advantage of global market share and buy luxury hotels in the city will again have to let go of a lot of investments.

The government has approved a price increase for the current year, which will make housing registration more expensive in areas with new housing in the city. After the renovation, the ratio of adjacent areas of Southern Peripheral Road (SPR), Golf Course Road and Dwarka Expressway increased to 25%. However, the price changer in the market remains unchanged.

Significant value is the minimum price set by the government that will sell or transfer real estate, new house, apartment, commercial real estate or property. The device cannot be registered below this value. Stamp responsibilities and registration fees are also based on this.

City officials said private area turnover was adjusted to 5-10% in Gurugram and Wazirabad tehsil, 10-15% in Manesar tehsil, 30-50% in Farrukhnagar and 25% in Badshahpur tehsil. In the case of collective apartments, the rate has increased from 5% to 66% in certain cases depending on the registration tax.

Gurugram VP Yash Garg said the goal was to improve recovery rates based on different market prices because the difference was so high that sometimes the prices didn't update. over the past two years.

According to the police, the cost of a golf trip to Veranda, Palm Springs, The Summit, La Lagoon, Sun City, Central Park and other similar locations has risen from 1,500 rupees per square foot to 2,500 PSF. . A city realtor said the project had the highest sales and purchases in the past two years.

Landlords have a higher percentage of land in specially cleared areas compared to group housing, often due to greater demand for land and floors among buyers, landlords say.

Conversion costs for Sushant Lok 1 and DLF Phase 1 projects have been adjusted from Rs 77,000 per square meter (PSY) to Rs 85,000 for DLF Phase 2,4 and South City 1. DLF is around Rs 72,000 PSY. 66,000 PSY to 72,000 PSY, and DLF Level 5 is 72,000 PSY to 90,000 PSY.

The vice president said the increase was occurring in an area where interest rates and exchange rates were very different. “We have listened to many stakeholders and based on income records we have seen increased gains in some areas. We have been able to ensure that housing is affordable and housing of similar categories is not affected by the modification.”

However, inflation has not played well with manufacturers and estate agents as the government has had to wait for the market to recover as Covid-19 has spread and no business for the past few years.

An increase in travel leads to an increase in royalties and registration fees, which leads to fluctuating prices. Although there was wide coverage, states such as Maharashtra and Karnataka last year abdicated responsibility for boosting home sales. “I would like to know if there will be an additional burden on buyers with government funds around the corner and real estate needs in the form of tax breaks and GST on property under construction.”