Gurgaon real estate has been going through a tough time with sales said to having slowed down by as much as 60-70% this year. Last week, Gurgaon (Gurugram) reduced circle rate by approximately 5% for residential properties. The same would help reduce stamp duty prices on property located in the city and perhaps raise a real estate buyer’s spirit. This is the second consecutive year the circle rate has been reduced in the city. Will other cities in Delhi NCR follow suit?
Noida and Greater Noida have seen a bigger slump in real estate in comparison to Gurgaon. When revenue department sits with Authority officials this July, it remains to be seen if they would follow Gurgaon footstep’s to give some sort of a fillip to the disappointing real estate scenario. If our sources are to be believed, some revision of rates are expected this July which would be applicable from 1st August, 2017.
Current circle rates in Noida and Greater Noida have received a lot of criticism from all quarters. The rates are alleged to have been set based on planned development and not on current status on account of developed roads, amenities, markets etc. The revision if any is expected to vary across sectors and some already developed sectors shall continue to see the spiked circle rates as in case of Gurgaon.
Last updated: June 11, 2017 at 1:14 am