No circle rate hike in Gurgaon, govt hopes for realty revival
It's the first time in six years, since the 2009-10 fiscal, that circle rates — the minimum registration price of a property — has not been hiked
Apr 06, 2015
Source : The Times of India


GURGAON: The Haryana government has decided not to increase circle rates in Gurgaon for 2015-16, hoping it will help revive activity in the realty market that has been flat for a while. 

It's the first time in six years, since the 2009-10 fiscal, that circle rates — the minimum registration price of a property — has not been hiked. District revenue officer Ajit Singh said, "Circle rates are already quite high in urban areas. It was decided to keep the rate unchanged to invite more homebuyers to the city." 

A committee comprising revenue department officials and headed by the deputy commissioner had recommended to the state government that circle rates in Gurgaon should not be increased. Usually, circle rates appreciate 10-15% every year. 

Realty watchers said this would encourage people to invest in Gurgaon. Developers, too, welcomed the decision. Rajesh K Gouri, vice-president (marketing and sales), Homestead, said, "The real estate market is going through a sluggish phase. If circle rates were to be hiked, it would have further affected activity in this sector. This move will help the market recover. Increasing rates would have resulted in revenue gains but transactions would have come down. It would also result in buyers avoiding registrations." 

The circle rate for agricultural land in some villages have been increased, the revenue officer said.

Latest Realty News

Apr 06, 2015
THIRUVANANTHAPURAM: The city corporation, which collects regularization fee to legalize unauthorized constructions in the city, does not keep a record on such buildings
Apr 06, 2015
Pune: After budget homes, premium homes and luxury housing, real estate majors in Pune are now eyeing integrated township projects
Apr 06, 2015
AHMEDABAD: Amplus Realty Fund has sold its investment in Assetz Lumos, a residential project of Singapore-based Assetz Property Group in Bengaluru
Apr 06, 2015
Ranchi: Union transport minister Nitin Gadkari will reach the state tomorrow to address farmers directly on the benefits of land acquisition ordinance
Apr 06, 2015
Patna: Building bye-laws have been notified but the slump in the real estate sector continues, though a few green shoots can be seen
Apr 06, 2015
CHENNAI: Can real estate brokerage business in the metro, worth around `500 to `600 crore a month, be regulated to bring in transparency in the sector
Apr 06, 2015
New Delhi: Online classifieds portal is planning to launch a separate website just for real estate
Apr 06, 2015
MUMBAI: Realty-focused PE firms are looking to double their investments this financial year
Apr 06, 2015
MUMBAI: Real estate developers in Mumbai and Delhi are staring at a piling inventory
Apr 04, 2015
HYDERABAD: The Confederation of Real Estate Developers' Associations of India (Credai) is looking at bulk buying to procure most of the building materials directly from manufacturers

Latest Realty News Of State

Realty Talk's