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Buying Property in Gurgaon may get Cheaper, Reduction in Circle Rates Proposed

Author: Rahul Kumar
by Rahul Kumar
Posted: Sep 26, 2016

In the last two decades, Gurgaon witnessed a spectacular growth, earned worldwide fame, and got the label of "Millennium City." From glass and chrome corporate and commercial offices to high-rises, metro rail to the expressway, and recommended extension of metro rail to recommended Pod taxi project, the city is developing beyond its limits. Gurgaon is often imitated as a symbol of a developing "new India," yet it also represents a complexity at the heart of India's rapid growth. So people think that the property rate in Gurgaon goes high and high every day but if you are thinking about a property in Gurgaon then don’t worry about the property prices. I have good news for you people.

Buying a dream residential or commercial property in the "Millennium City" may get cheaper as the district administration has recommended 15% devaluation in circle rates or collector rates across all regions for the financial year 2016-17. The decision, according to authoritative sources, has been taken given the slow real estate market. Circle rate or collector rate is the minimum value at which sale or transfer of a full house, plot, apartment, commercial property or land takes place.

A committee headed by deputy commissioner TL Satyaprakash and comprising revenue department officials recommended a reduction in the circle rates. Satyaprakash has sent the suggestion to divisional commissioner D Suresh for the final nod on Thursday. The decision on the recommendation is likely to be taken in a week, said a senior district administration official. The last acknowledgment could bring good news for those who have buy properties in Gurgaon, April and May as the reconstructs rates will be applicable with effect from April 1.

There has been no change in collector rate or circle rates for 2014-15 and 2015-16 due to the bleak real estate market scenario. "The committee has recommended rationalization of circles rates for Gurgaon, Sohna, and Manesar to bring equality," said the district administration official. The suggestion has also specified indexing of circle rates or collector rate of commercial or corporate areas from Ambience Mall to Sector 39. "The rates on the expense from Ambience Mall to Sector 39 are same. There is a need to reconstruct them," said the district administration official.

The properties are recorded in the revenue records by circle rates or collector rates. A buyer pays stamp duty to the department of income by the circle rates. The circle rates are for residential and commercial properties in Gurgaon and agricultural land. Usually, the circle rates are revised every financial year by an average of 10-15%. But the rates for fiscal calcium year 2015-16 were levied at the rates prevalent during 2014-15. Thus, finally the property industry is potential enough in Gurgaon, and there are many new personal tasks both areas and house in the direction and an addition to the growth and success of the city.

About the Author

Rahul Kumar has an excellent Knowledge about investment in Indian Real Estate industry. He passionate about writing about Real Estate market and investment for more details you can check out his latest articles on http://www.buyproperty.com/articles.

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Author: Rahul Kumar

Rahul Kumar

Member since: Sep 08, 2016
Published articles: 50

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