Real estate prices in Gurgaon is likely to slash further with the administration contemplating to slash circle rates by 15 percent.
Zee Media Bureau
New Delhi: Real estate prices in Gurgaon, recently named Gurugram, is likely to slash further with the administration contemplating to slash circle rates, as per a news daily report.
The Times of India reported that circle rates were kept unchanged in the last two financial years — 2014-15 and 2015-16, however it could not do much to uplift the market sentiment.
A committee headed by Gurgaon deputy commissioner TL Satyaprakash has placed the proposal before the Haryana government to slash circle rates by up to 15 percent for sale and purchase of property in Gurgaon.
Circle rates are the minimum authority-defined prices at which sale or transfer of a plot, built-up-house, apartment, commercial property or land takes place. The property can not be registered below this price. Stamp duty and registration charges for a property are also based on this.