Gurugram Property Prices Set to Rise

Buyers of residential and commercial property in the millennium city will have to shell out more, with the Gurugram Bench of the Haryana Real Estate Regulatory Authority (HRERA) imposing registration and processing fee on promoters for the registration of new real estate projects.

Now, a registration fee of Rs 10 per square metre will be levied in hyper/high potential areas, while it would be Rs 5 per sqm in the medium/low potential area.

Highlights

• Registration, processing fee on new projects to push up prices
• Registration fee for residential, industrial and commercial projects ranged from Rs5 to Rs20 per sqm
• Processing fee of Rs10 per sqm will be charged for all projects
• Scrutiny fee of Rs5K mandatory registration of real estate agents

Under the HRERA Gurugram (fixing of standard fees to be levied on promoter) Regulations, 2021, which were approved by the authority recently, fee @ Rs 10 per sqm will be charged for hyper/high potential area for residential/industrial projects. It will be Rs 5 per sqm for the medium/low category. The rates for the commercial projects will be Rs 20 per sqm for hyper/high potential area, while the rate for plotted colonies will be Rs 10 for per sqm for all categories.

Similarly, the authority will charge a processing fee of Rs 10 per sqm for the floor area in residential/commercial/industrial projects and Rs 10 per sqm of the total plotted area in case of a plotted colony.

Suresh Aggarwal, president of the Haryana Property Dealers Welfare Association, said the levy of the fee would have a ‘cascading effect’ on the prices of the residential and commercial properties in Gurugram.“The real estate promoters will pass on the increased cost of the projects to the customers,” he added.

Moreover, for the extension of the registration of the real estate project, the promoter will to have shell out Rs 10 per sqm of the floor area. For plotted colony also, an amount of Rs 10 per sqm of the total area of the plotted colony will be charged.

The promoters will have to pay 50 per cent of the registration for “delayed registration” for the delay of six months. An amount of 50 per cent of the registration fee for every subsequent six months will have be deposited with HRERA for “delayed registration”.

For the extension of the project, promoters will pay half of the registration fee for residential, industrial, commercial and plotted colonies. Real estate agents will pay Rs 5,000 as mandatory registration.

Source : Tribune India