Circle rate of a locality refers to the minimum price at which a real estate property transaction can be made within that area. This rate is determined by state governments in order to earn revenues on duty stamps and registration certificates.
Potential home-owners should be well aware of circle rates and market rates of properties before purchasing their residential asset. Different Indian cities have different circle rates, depending upon the demand and availability of real estate.
Circle rate in Gurgaon, Delhi, Greater Noida, and Lucknow are competitive. Individuals planning to purchase property in Gurgaon can benefit from knowing the rates prevalent in 2020.
Gurgaon circle rates
The Haryana Urban Development Authority (HUDA) sets circle rates for locations across Gurgaon. These locations include housing development projects under HUDA, licensed colonies, and apartments.
Real estate developers have to pay Rs.1300 per square feet for construction of residential plots in HUDA sectors and licensed colonies. In most cases, commercial properties have higher circle rates than residential properties. Circle rates in Gurgaon are also dependent on the market value of properties, connectivity, and facilities associated with the plot.
The LTV of mortgage loans like loans against property will also depend on the prevalent circle rate.
Borrowers can organise a wedding, renovate their house, go on an exotic vacation, or finance education with a loan against property.
The following figures represent the circle rates of localities across the bustling city of Gurgaon –
HUDA sector circle rates
Circle rates in HUDA plots differ on the basis of sectors. The latest circle rates across as per the sectors are –
- Rs.25,000 per square yard – Sector 37, 37D, 55-66, 67, and 68-113.
- Rs.30,000 per square yard – Sector 104, 105, 106, 109, 110A, and 111-115.
- Rs.35,000 per square yard – Sector 1, 2, 3, 3A, 4, 5, 7, 12, 12A, 13, 21, 22, 22A, 23, and 23A.
- Rs.40,000 per square yard – Sector 38, and 41.
- Rs.45,000 per square yard – Sector 14, 15, 16, 17, 30, 31, and 40.
- Rs.50,000 per square yard – Sector 27, 28, 42, and 43.
Licensed colonies circle rates
Licensed colonies in Gurgaon have higher circle rates than HUDA plots. The rates can be classified into three rate brackets.
These are –
- Rs.20,000 – Rs.40,000 per square yard – Vatika India Next, DLF Garden City, Ansal Essencia, Sector 37, 37D, 58-66, 67, 68-113, 104, 105, 106, 109, 110, 110A, and 111-115.
- Rs.40,000 – Rs.60,000 per square yard – Vatika City, Sushant Lok 2, Sushant Lok 3, Mayfield Garden, Uppal Southend, Jalvayu Vihar, Palam Vihar, Uniworld Resorts, South City 2, Suncity, and Rosewood City.
- Rs.60,000 – Rs.80,000 per square yard – Garden Estate, Nirvana Country 1, DLF Phase 5, Greenwood City, DLF Phase 3, National Media Center, DLF Phase 2, DLF Phase 4, South 1, DLF Phase 1, and Sushant Lok 1.
The stamp duty rate differs for individuals.
- For males – 7%
- For females – 5%
- For joint owners (male and female) – 6%
Delhi circle rates
Delhi Municipal Corporation has segregated the metropolitan city into 8 categories on the basis of their market value and appeal to home buyers.
The circle rates per square metre for residential plots under Category A-H are-
- A – Rs.7.74 lakh.
- B – Rs.2.46 lakh.
- C – Rs.1.60 lakh.
- D – Rs.1.28 lakh.
- E – Rs.70,080.
- F – Rs.56,640.
- G – Rs.46,200.
- H – Rs.23,280.
Circle rates in Delhi are higher for Category A residential plots and reasonably lower for Category H localities.
Circle rates in major cities
- Circle rates in Noida per square metre vary between Rs.40,000 and Rs.1.19 lakh, depending upon the demand for residential plots and other facilities. The stamp duty rates for all the individuals are fixed at 7%. A registration fee of Rs.10,000 has to be paid for property registration.
- Revised circle rates in Greater Noida for residential apartments per square metre stand between Rs.25,000 and Rs.30,000.
- Circle rates in Lucknow are usually affordable and range between Rs.3,000 and Rs.8,000 per square feet.
Similar to Gurgaon, the circle rates of other cities will also determine the LTV on loan against property. These loans can also be used to start a business.
HFCs such as Bajaj Housing Finance Limited offer such loans against minimal documentation and eligibility criteria.
The HFC also provides pre-approved offers to customers looking for an easy and efficient disbursal process. Check your pre-approved offers by providing your name and contact number.
With the above information, individuals can make wise property purchase decisions in Haryana by knowing about the circle rates in Gurgaon. They must also stay updated on circle rates since these may be subject to changes.
