Buying a property in Gurugram becomes cheaper, circle rates slashed
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Buying a property in Gurugram becomes cheaper

The registration of commercial property will fall to Rs 85,000 per square feet from Rs 1 lakh per square feet. The floor rate in HUDA sectors has also been reduced to Rs 3,850 per square feet from Rs 4,500 per square feet.

BT Online   
  • June 28, 2016  
  • |  
  • UPDATED   13:19 IST

Buying a property in Gurugram just got more affordable as the state government has slashed circle rates by 15 per cent in the residential and commercial segments.

The registration of commercial property will fall to Rs 85,000 per square feet from Rs 1 lakh per square feet. The floor rate in HUDA sectors has also been reduced to Rs 3,850 per square feet from Rs 4,500 per square feet.

The commercial rate has been cut to Rs 7,450 per square feet from Rs 8,800 per square feet.

The move comes after private builders urged the state government to cut circle rates. There has been a slowdown in the real estate sector in the city with commercial and residential properties available at throwaway prices. Still, buyers have kept away from property deals.

Circle rate is the minimum value  at which the sale of transfer of plot built-up house, apartments, or commercial properties can occur. The rate is fixed by the state government's revenue department or the local development authorities.