Stilt-plus four housing to provide 30% more revenue with stamp duty hike

As Gurugram is fast transforming into a city of stilt floors, the state government is out to ride the wave and increase its revenue. In addition to hiking circle rates in city from 10 to 30 per cent, the local administration has also hiked the stamp duty for registration of floors by 30 per cent. The stake holders will now have to shell out Rs 9,300 per sq foot as compared to previous rate of Rs 7,150. According to these orders, stamp duty will be charged same, irrespective of the circle rate. A person buying a floor in builder colonies, HSVP sectors will have to pay same amount of stamp duty as one buying a floor in luxury spots like Gold Course Road, MG Road. With around 50,000 floors being in unregistered inventory in city, the state is out to get an enhanced revenue by almost 30 per cent in a majority of areas. This hike, coupled with circle rate hike in areas like Gold Course Road, Southern Peripheral Road, Dwarka Expressway will make housing more profitable in the luxury segment. “The luxury residential real estate market in Gurgaon continues to thrive, underscored by remarkable growth along the Dwarka Expressway, where average property prices have surged by an impressive 64 per cent from July 2023 to July 2024. The recent hike in circle rate and stamp duty will further boost the realty market here and make it key revenue-provider for the state,” said Sudeep Bhatt, Director, Strategy, Whiteland Corporation. While the move will make the ‘stilt-plus four’ housing profitable for the state government, the builders and buyers have called the hike too steep and unjustified for being non-relative to circle rate. “You may have a circle rate of just Rs 60,000 or around Rs 5 lakh, but you pay same amount of stamp duty, which is not justified. The government should relate stamp duty to the respective circle rates rather than spelling out one rate for all. The circle rates in a majority of the HSVP sectors like 45, 46, 31, 15, 17 have not been increased but stamp duty for stilt-plus four homes has been spiked by 30 per cent,” said Rajender Yadav of Home Developers Association.

“Whatever measures are being taken are to ensure that state gets it’s due. We have hiked circle rates to bring them on a par with the market rates so that the inflow of black money in realty can be checked. Similarly, uniformity of duty will ensure that the state gets it’s due from the booming realty in Gurugram,” said DC Ajay Kumar.