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The continuous droop in the realty division has constrained the experts to search for better approaches to produce the incomes states win colossal piece of the incomes through stamp obligation and also the enrollment charges that are paid on the buy of the property. https://goo.gl/SMMifi
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Increase in Curgaon' Circle Rate, Rush if you want to Purchase a Property
Increase in Gurgaon’ Circle Rate, Rush if you want to Purchase a Property
©March 3, 2018 & Real Estate # apartments for sale, cheap houses for
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The ongoing slump in the realty sector has forced the authorities to look for new ways to generate the revenues- states earn huge part of the revenues through stamp duty as well as the registration charges that are paid on the purchase of the property. Since there have not been many activities in this particular area, the cash-starved civic authorities are somewhat finding it difficult to cope with the pressure that is added.
It might be on the account that the Haryana Chief Minister has ordered the Gurgaon administration to raise the circle rates twice in a year. The circle rates are the government fixed rates below which property cannot be registered.
Before we further talk about that, it is definitely worth mentioning here that it certainly was a standard practice in Haryana to revise the rates of circle financial year at the average rate of 10-15%. In FY16, however, the prevalent rate of the FY15 was kept as it is, of course, keeping in mind the slowdown. In the financial year 2017, Gurgaon administration proposed a 15% reduction in the rates in an attempt to trigger the activity in the realty sector. Also, it is worth mentioning that the millennium city was worst markets which were hit and left deeply wounded by the slowdown in the market that might be on its way out. Reportedly, in 2017, Gurgaon was the only city amongst the 9 major cities in India that registered a 55% increase in the new or fresh launches. The sale of homes in the city has increased by 27%.
Since then things are looking up, early in February the authorities came out with the decision to raise the circle rate of various areas in the range of 3-5%, 2 months before the beginning of the financial year 2018-19.
The rates of the property of some areas would actually have touched Rs 10,000 per square foot from the present Rs 10,000 per square foot had the decision come into force. Average property rate in Gurgaon is Rs 6,400 per square foot.
Also, the rates were decreased in some regions while for some as Sushant Lok-1, DLF-1, they were kept unchanged. The revised interest rates across the segment property were to come into effect on February 12 and would come into effect until March 31 this year.
However, on February 9, the administration quickly issued the notice that proposed hike has been put on hold. Thus, it may not be April that rates may again be hiked. This may actually be the perfect time for those who have been eyeing the malls in the city with the intent to become the residents to make the move.
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