New Delhi, Aug. 2 -- Gurgaon's real estate landscape is set to undergo a significant shift, with the district administration proposing a hike in circle rates-ranging from 8% to 77% for residential plots and a steep 145% rise for agricultural land.

Circle rates are the minimum property values set by the government for the purpose of stamp duty and registration charges during property transactions. These rates vary by location and property type, and they serve as the baseline for calculating transaction taxes, ensuring transparency and curbing undervaluation.

As per real estate experts the proposed hike in circle rates is expected to bring greater transparency to real estate transactions by narrowing the gap between market value and offi...