Real estate
Justice Served: Gurgaon Developer Faces Strict Penalties for Four-Year Project Delay
In a significant victory for consumer rights, Gurgaon Developer has been held accountable for a staggering four-year delay in delivering a commercial property. The Haryana Real Estate Regulatory Authority (HRera) has delivered a decisive verdict against Shine Buildcon Pvt Ltd, ordering them to compensate the aggrieved buyer and immediately move to transfer possession of the unit.
The case revolves around a commercial unit in the ’70 Grandwalk’ project, which the buyer had been waiting for since their initial investment. The gurgaon developer attempts to justify the extreme delay by citing events like demonetization and the COVID-19 pandemic were dismissed by the authority. HRera concluded that these circumstances did not warrant such a prolonged failure to deliver on their contractual obligations.
As a consequence of their findings, HRera has imposed a two-pronged penalty on the builder. Firstly, the firm must pay the complainant interest at a rate of 11.1% per annum for the entire period of the delay. Secondly, they have been given a strict 30-day deadline to hand over the possession of the unit, contingent on the buyer clearing any outstanding dues.
The regulatory body also uncovered that the gurgaon developer had imposed charges that were not part of the original buyer’s agreement. In its ruling, HRera mandated that all fees must be strictly aligned with the initial contract, protecting the buyer from any illicit financial demands.
This ruling sends a powerful message to the real estate industry, reinforcing that regulatory bodies are actively protecting the interests of homebuyers and that developers cannot expect to get away with unreasonable delays and unfair practices. It serves as a beacon of hope for other buyers who may be facing similar struggles with delayed projects.
Source : TOI
Real estate
Gurgaon Property Market Braces for a Steep Price Increase as Government Proposes a Substantial Hike in Circle Rates
The real estate market in Gurgaon is on the verge of a significant transformation as the district administration has put forth a proposal for a substantial increase in circle rates. This move is poised to make property transactions in the region considerably more expensive, with proposed hikes of up to 77% for residential areas and a staggering 145% for agricultural land. The proposed revision aims to bridge the gap between the government-fixed minimum value of a property and its actual market rate, a disparity that has been particularly prominent in upscale localities and newly developed sectors.
Gurgaon Property hike circle rate
This proposed adjustment in circle rates will have a far-reaching impact across Gurgaon, affecting a wide range of properties, from high-end condominiums to residential plots. In upscale areas such as DLF Phases I-V, South City, Suncity, Sushant Lok, and the prestigious Golf Course Road, a 10-20% increase is on the cards. For instance, the circle rate for luxury apartments in coveted projects like DLF Aralias, The Magnolias, and The Camellias is slated to rise from ₹35,750 per square foot to ₹39,325 per square foot, marking a 10% jump.
The new sectors along the Dwarka Expressway are also set to witness a steep hike of up to 62%, with the circle rate for residential plots potentially increasing from ₹40,000 to ₹65,000 per square yard. The most significant proposed increase for residential plots is in Gurgaon Gaon, where the rate could surge by 77%, from ₹25,300 to ₹45,000 per square yard. However, the most drastic change is reserved for agricultural land. In Bajghera, the circle rate is proposed to be raised by an astounding 145%, from ₹2 crore to ₹5 crore per acre, while in Sirhaul, a 108% increase is proposed, from ₹2.39 crore to ₹5 crore per acre.
The district administration has invited public objections and suggestions on the proposed rates until July 31. Following the review of public feedback, the proposal will be sent to the state government for its final approval. If the government gives the green light, the revised circle rates are expected to be implemented within a month.
The proposal has elicited mixed reactions from real estate experts and homebuyers. While some realtors acknowledge that aligning circle rates with market values is a necessary step for transparency, they express concerns that such a sharp and aggressive hike could dampen buyer sentiment and slow down the property market. Many believe that the timing of this proposal is not ideal, given that property prices in Gurgaon are already at an all-time high, making housing unaffordable for a large segment of the population. Homebuyers and IT professionals in the city are worried that the continuous rise in property rates will not only make Gurgaon an unaffordable place to live but also adversely impact the city’s overall economy and industrial growth.
This is not the first time that the circle rates have been revised in Gurgaon. The last revision took place in December 2024, with an increase of 10-30%. An earlier attempt by the revenue department to increase the rates in March 2025 was rejected by the Haryana government, a decision that was welcomed by real estate developers as a move to boost buyer confidence.
The impending decision on the proposed circle rate hike is being closely watched by all stakeholders in the Gurgaon real estate market. Whether the government will approve the proposal as it is or make some revisions based on public feedback remains to be seen. However, one thing is certain: the outcome of this decision will have a lasting impact on the future of property ownership in one of India’s most prominent real estate hubs.
Source:- ET