Property rates in Gurgaon to drop by 15%

Haryana Government has decided to bring down circle rates in Gurugram by 15%. This is likely to cut property prices in the city. 

In an interview with The Hindu, Deputy Commissioner, T.L. Satyaprakash said that collector rates had been slashed 15 % almost across all areas and all types of properties, but the rates had remained unchanged for a few areas. 

Circle rates are the minimum value at which the sale or transfer of a plot, built-up house, apartment or a commercial property can take place. 

According to a report by News Nation, circle rates in DLF Phase 1 in Gurugram were Rs 77,000 per square feet.

(With inputs from IANS report)