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Faridabad Circle Rates Likely to Rise from December 2024

By PropertyGeld Editorial Team

Published on PropertyGeld:

Faridabad Circle Rates Likely to Rise from December 2024

Property prices in Faridabad are expected to increase as the state authorities plan to revise the circle rates for land and real estate in the city. The updated collector rates are proposed to come into force from December 1, 2024, subject to final approval by the state administration.

The Revenue Department of the Haryana Government has completed the process of finalising the revised rates. Under the proposed changes, circle rates across most parts of Faridabad are likely to go up by 15% to 25%, while rapidly developing zones may witness even sharper increases.

This revision would mark the third straight annual hike in Faridabad’s circle rates. In April 2023, rates were raised by 4% to 40%, following a similar increase of 20% to 40% in 2022, indicating a consistent upward trend in government-assessed property values.

However, the move has drawn criticism from property stakeholders. The Real Estate Agents’ Welfare Association has expressed concerns, stating that objections and feedback from industry participants were not adequately considered. Agents and developers argue that the timing of the hike could negatively impact transactions that are already in advanced stages.

A rise in circle rates is expected to directly affect buyers, as higher government valuation leads to increased stamp duty and registration charges, making property purchases more expensive overall.

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