Haryana freezes circle rates amid soaring property prices, ET RealEstate
GURUGRAM: Property prices in the city and other parts of Haryana are expected to remain stable and people will not have to pay extra money at the time of registration for stamp duty.
The Haryana govt has decided not to make any increase in the circle rate — in a move that is likely to stabilise the overheated property market in the city and adjoining areas.
Chief minister Nayab Singh Saini has rejected the proposal of the revenue department to revise the circle rate. So now, the old circle rate will remain applicable. The circle rates were last increased in Dec 2024 by 10-30%, which was effective till March 2025.
The decision — set to “boost buyer confidence and promote broader participation across housing segments”, as per realtors — comes at a time when owning a house or flat in the city has gone out of the reach of common people due to unaffordable pricing. Residential plots cost around Rs 2 lakh to Rs 3 lakh per square yard and the cost of flats starts from Rs 2.5 crore to Rs 3 crore.
The govt revises circle rates twice a year, but it can use its special power to change circle rates at any time or stall it as long as it wants. Govt officials said it has been decided not to increase the circle rates in 2025.
The circle rates are already on the higher side in the city and Faridabad, and any further increase could have angered the masses.
Founder & chairman of Signature Global (India) Ltd. Pradeep Aggarwal hailed the govt’s decision to keep circle rates unchanged, calling it a timely move that ensures stability in the property market. “This decision offers relief to homebuyers by keeping registration costs in check, particularly benefiting active markets like Gurgaon. It will help sustainable growth and a balanced real estate ecosystem, ultimately supporting ongoing developments and reinforcing momentum in the housing sector.”
Govt officials said, in March 2024, the circle rate could not be revised due to the Lok Sabha election. After the election, the rate could not be revised as the date for the assembly election was announced. The new govt was formed in Oct and the new circle rate was implemented in Dec 2024.
An official of the revenue department said, “We have not sought any report from the districts about revision in rates.”
