Circle Rates in Gurgaon: An Overview

Circle rates are an essential regulatory tool that establishes the minimum price at which properties can be bought or sold, as stipulated by the revenue department of the state government.

They not only impact transaction costs but also play a crucial role in guaranteeing fair market practices.

In this discussion, we will explore the complexities of circle rates in Gurgaon, revealing their importance and consequences for buyers, sellers, and investors in the ever-evolving real estate market of 2024.

What are Circle Rates?

Circle rates, which are also referred to as guidance values or ready reckoner rates, establish the minimum price at which a property can be bought or sold, as set by the revenue department of the state government.

These rates are critical in preventing the undervaluation of property values and serve as a foundation for calculating various charges, such as stamp duty and registration fees.

Latest News About Circle Rates in Gurugram

As per recent reports, Gurugram’s circle rates are expected to undergo significant changes.

The proposed revisions, ranging from 30-80% across various categories, aim to bring circle rates closer to the current market prices.

Additionally, it is dedicated to bridging the gap between mandated rates and actual market values, with substantial increases expected in popular areas such as Golf Course Road and MG Road.

Emerging localities such as Farrukh Nagar are also expected to experience significant hikes.

Current Circle Rates in Gurugram

Here’s an overview of the current circle rates in various sectors of Gurugram:

Circle Rates for Plots in Licensed Colonies

For individuals considering plots in licensed colonies, here’s the circle rates for prominent localities:

Circle Rates for Multi-Storeyed Apartments

These are the circle rates for multi-storeyed apartments in Gurugram:

How to Check Circle Rates in Gurugram?

The steps to check circle rates for a selected locality in Gurugram are:

• Visit the official website of Gurugram administration at https://gurugram.gov.in/
• Locate the “Department” section on the homepage.
• Click on the “Revenue” option in the Department section.
• Select the desired locality for which you want to check the circle rates.
• The website should display the corresponding circle rates for that area.
• Check the circle rates, which may be listed per square foot or unit of land measurement, depending on the specific format provided on the website.

Calculating Property Value for Stamp Duty Payment

To calculate the property value in Gurgaon using the circle rate for stamp duty payment, you can follow these valuation methods based on the property type:

• For Apartments and Flats – Multiply the carpet area of the apartment or flat by the circle rate per square yard.
• For Builder Floors – Multiply the carpet area of the builder floor by the circle rate per square yard.
• For Plots – Multiply the plot area (in square yards) by the circle rate per square yard.

• For Home Built on Plot – Multiply the plot area per square yard and the minimum construction costs per square yard.

Difference Between Circle Rates and Market Rates

And That’s It

A solid grasp of circle rates is crucial for all those involved in Gurugram’s real estate market.

These rates establish a minimum transaction value and promote fair practices.

It’s also important to distinguish between circle rates and market rates, as this knowledge can offer valuable guidance for navigating property transactions with ease and efficiency.

At Save Max, we prioritize accuracy and reliability in every piece of information we share, making us a trusted source for all your real estate needs. As a leading brokerage company in India, we offer a diverse portfolio of projects and properties across major cities, including Delhi, Gurgaon, Noida, Bangalore, Pune, Kolkata, and Chandigarh.