Haryana Government has cut the circle rates of Gurgaon by 15%, in a bid to boost realty demand in the millennium city. This move of the state government will help home buyers to a great extent as it will reduce many taxes which have to be paid on the basis of circle rates.
High circle rates were affecting the buyers as they had to pay stamp duty as per the circle rates even if they bought a property at rates lower than the circle rates. Also, capital gains tax had to be paid at the prevailing circle rates. As a result of higher circle rates, many buyers chose to postpone their purchase, resulting in a reduced demand for property.
Although the property prices in Gurgaon decreased in a couple of years, but in the preceding two financial years the circle rates were left unchanged by the government, thus creating a negative sentiment for home buyers. This diminishing interest of home buyers resulted in a drastic decline in the number of registries, thus affecting government revenues too. This 15% cut in the circle rates of Gurgaon is expected to boost the real estate market in this corporate hub.
At this point of time, property prices are already at their rock bottom due to the correction in real estate market in the past two years. This reduction of circle rates will further reduce the expenses of the buyers as they will have to pay lesser stamp duty, registration charges and property taxes. Hence this is the ideal time for buying property in Gurgaon. Well informed home buyers have started searching for properties in Gurgaon which are available at reasonable prices.
Buyers looking to buy affordable homes can avail 1 and 2 BHK apartments in the AALAYAS at Sector 102, Dwarka Expressway, Gurgaon. AALAYAS – the affordable housing project – is being developed by ROF Group, owners of the prestigious Hotel Ramada, Gurgaon Central. The project is strategically located, has latest amenities and facilities, and above all is affordably priced.
Plot No.80, 1st Floor, Sector-44, Gurgaon-122003
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