This move will pave way for boosting the real estate market which has been witnessing a downfall with the developers reducing the price of immovable property in the millennium city.
Now, people willing to buy a home in Gurgaon will not only have to shell out lesser amount but will face reduced burden of stamp duty, registration charges and property taxes as well. Since the circle rate cut applies to commercial properties too, developers would also be benefited as stamp duty, fungible FSI and TDR are determined by circle rates.
The collector rates have been reduced on the basis of rates prescribed recently for registration of property, market rate and rates of plots and flats fixed by private builders in the Gurgaon district.
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