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Hike in Property Rate: Reaching Middle Class? Just pay more for flats in Gurugram, Faridabad due to This Govt. Decision

Hike in Property Rate Reaching Middle Class Just pay more for flats in Gurugram, Faridabad due to This Govt. Decision

As you know, the Haryana government is also increasing its rate under the affordable housing policy, the flats in Gurgaon and Haryana have been costlier. The Government has increased the rate from Rs.4200 per sq ft to Rs 5000 per sq ft under the Affordable Housing Policy. Apart from this, the rates of balconies have also increased, according to the report by Navbharat Times. However, rs 1000 per sq ft was the earlier rate for the balcony and it has been increased to rs 1200 per sq ft. The size of the balcony is more than 100 square feet and the real estate company cannot charge more than rs 1.2 lakh. 

The Additional Chief Secretary of the Town and Country Planning Department issued a notification regarding the increased rates that were approved in the meeting of the Council of Ministers on July 7. Apart from Gurgaon and Faridabad, rates have increased by Rs 800 per sq ft in Panchkula. Pinjore, and Kalka. Earlier, the rate in Sohna was rs 3800 sq. ft which has been increased to rs 4500 per sq ft. 

All these rates are going to be in high and medium zones and the rates have been fixed at rs 3800 per sq ft in low-potential towns. When we speak about Gurgaon and Faridabad, the rates earlier were 500 sq ft flats which used to cost Rs 21 lakh, whereas the buyers are going to pay Rs 25 lakh for the same flat. 

Real Estate expert Pradeep Mishra to Navbharat Times commented that there was an urgent need to increase the rates from the affordable housing policy, due to top costlier land rates. The option of an allotment letter has been wrongly inserted in this policy amendment as they have applied in the current draw, and the budget has been shaken. These rates have been implemented in the new project. 

When it comes to the new amendments, the allotment letter for the flat has not been issued. The real estate companies can recover the amount from the flat applicants, according to the new rates. This will be considered a big blow to the applicants. 

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