Gurugram Property prices are set for price hike

People who are looking for residential or commercial properties in Gurugram now have to pay more as HRERA authority impose new registration fee on promoters.

People looking to buy residential or commercial properties in Gurugram now have to pay more as the Gurugram Bench of the Haryana Real Estate Regulatory Authority (HRERA) will impose new registration and processing fees on builders for the registration of the new projects.

The high potential area will have a registration fee of Rs. 10 per sq. mt. and the medium/low potential area will have Rs. 5 per sq. mt.

Under the HRERA Gurugram Regulation 2021 (fixing of standards fees to be levied on promoter) a fee of Rs.10 per sq. mt. will be levied on promoters in high potential areas for both residential and industrial projects. Rs.5 will be charged for medium/low category projects. The promoters developing commercial projects in high potential areas now have to pay a whopping fee of Rs. 20 per sq. mt. while the rate for plotted colonies will be Rs. 10 per sq. mt. for all the project categories.

Additionally, the new processing fee is Rs.10 per sq. mt. in residential/industrial/commercial projects and Rs.10 per sq. mt. for the plots in plotted colonies by the authority.

President of Haryana Property Dealers Welfare Association, Suresh Aggarwal said the new levied fees would affect the property prices of commercial and residential projects in Gurugram. “The real estate promoters will pass on the increased cost of the projects to the customers,” he added.

Besides this, promoters also have to pay for 50 per cent of the registration in case of six months delay. The 50 per cent registration fee on promoters will be charged for six months under “delayed registration”.

In case if promoters want to extend their project, they will have to pay half of the registration fee for their residential/industrial/commercial and plotted colonies. Real estate agents will pay an amount of Rs. 5,000 under mandatory registration set by the authority.

Follow and Connect with us: Twitter, Facebook, Linkedin, Instagram