The circle rates of properties in Gurgaon, which is a prime real estate market, have been reduced by 3-8% for the fiscal year 2017-2018.
The government officials and experts are expecting this move of rate cut to be positive for the otherwise stagnant market, as more homebuyers will now show interest in buying properties because of low prices. The market is sure to gain some momentum by the rate cut.
The circle rates in Gurgaon were reduced in the previous fiscal year also by 10-15%. However, the circle rates were untouched in the previous two years. (2015-16 and 2014-15)
As per the reports which were submitted by the field officers, the rate cuts have been decided. Although majority areas of the district have witnessed the rate cut, rates have been increased by 3-5% in some areas like the areas near Huda sectors to bring consistency.
The revenue collections are expected to increase from stamp duty after the slashing of rates.
The areas of some developers including DLF and the area of Sushant Lok saw no revision of rates. On the other hand, the rates in sectors 58-115 have been reduced by 5%.
The rates in the villages which come within the boundary of the city have been reduced by 3-5%, which include Moalehera, Sikanderpur Ghosi, Bajghera, Sukhraili, Nathupur, Sarhaul, Chakkarpur and Sarai Alawardi.
The few areas which have witnessed an increase in rates (2-4%) are, Friends Colony, Jawahar Nagar, New Palam Vihar, Jacubpura, Subhash Nagar, Hira Nagar, colonies of Old Gurgaon and Gandhi Nagar.