The elongated downfall which the real estate sector is witnessing has made the district administration of Gurgaon to prepare a proposal to reduce the property prices in Gurgaon by 5% among all segments. If the proposal is approved, people will have the benefit of low property prices in Gurgaon.
In the previous year also, the property prices in Gurgaon were lowered by 10-15% in various areas of the district.
But the two years previous to the last year had witnessed stagnant circle rates of properties in Gurgaon because of the plunge in the real estate sector.
According to the sources, the property rates of Gurgaon have not witnessed any increase for the past four years. But this reduction in Gurgaon property rates for the second time in a row has revealed the actual scenario of the property market in Gurgaon.
The proposal for low property prices in Gurgaon is prepared by keeping various issues in consideration and is waiting for the approval.
The circle rate of any city is the minimum amount at which the sale or transfer of flats, plots or commercial property is carried out. Lowering circle rates in Gurgaon by 5% will have various advantages for both, the developers as well as the buyers. These advantages will include getting rid of stamp duty, capital gains tax and registration charges.
Despite the reduction made in circle rates of properties in Gurgaon in the previous year, the gap in circle rate and market rate is still prevailing. This has created trouble for the developers to sell the property and the buyers are also showing reluctance for buying property.