Circle rate in Gurgaon cut by 15% to boost property demand

Circle rate in Gurgaon cut by 15% to boost property demand

The Haryana government has decided to cut Circle rate in Gurgaon by 15%. Which can be turned as increased property demand and revive Real estate market.

The state government yesterday decided to reduce collector rates of immovable property in Gurgaon by 15 % in view of the decrease in property prices in the last few months.

“The Haryana government’s decision to cut circle rate for the first time ever by 15 percent would act as a catalyst for the revival of the real estate market,” property consultant Cushman & Wakefield said.

This shows that government has recognised the existence of a sluggish real estate market, which has seen prices being cut by developers seeking to push their sales, it added.

“The cut in rate would reduce the outgo on part of home buyers and developers, and act as a catalyst for more property purchases.

Homebuyers would now face reduced burden of stamp duty, registration charges, and property taxes. Since the circle rates cut applies to commercial properties too, developers would also be benefited as stamp duty, fungible FSI and TDR are determined by circle rates, the consultant said.

Sare Homes Managing Director Vineet Relia said the reduction in collector rate would help improve investor sentiments in the real estate industry in Gurgaon.

“As we have seen, market rates in Gurgaon have decreased over the years but the collector rates continued to be high thereby leading to reduced interest from buyers. However, with the rate cut, all stakeholders are expected to benefit,” he added.

Yesterday, Gurgaon Deputy Commissioner T L Satyaprakash had said the collector rates have been reduced on the basis of rates prescribed recently for registration of property, market rate and rates of plots and flats fixed by private builders in Gurgaon district.

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