After Delhi, it’s Gurgaon that raised circle rates and will see property prices rising in areas falling under New Residential Zones (NRZ).

These zones have been developed into residential areas. The new rates will come into effect from July 4. For inhabited areas, the authority is considering about bringing a nominal increase in rates – 10 to 12 per cent. The move has been decided to tap the growth potential of NRZs.

However, real estate prices have more or less shown stabilization for the past few months in areas that are already developed, says Gurgaon DC Rakesh Gupta.  There was no need to increase the circle rates in the region.

The prices of agricultural land available in villages which have recently been approved to be developed into residential area are expected to rise between 200 and 300 per cent.

The areas which are likely to witness a surge in their residential property prices are Sihi Sikandarpur, Dhankot, Wazirpur, Daultabad, and Khirki Daula.

Circle rates in Delhi, Sushant Lok, DLF City have been increased by 10 per cent. It is a reflection of the slow moving real estate market of late.

Residential property prices in DLF Qutab Enclave Phases I and II rose from Rs 15,000 to Rs 16,500 per square yard. Land price in Wazirabad, Samaspur, Gurgaon Village, Shahpur, Sikanderpur Ghosi, Nathpur, and other villages shot up from Rs 40 lakh to Rs 70 lakh. Also, a 20 per cent stamp duty will be charged on land on Jaipur national Highway, Sohna Road, Pataudi Road, and Sultanpur Road.