Gurgaon, June 29 (KNN) The Haryana Government  on Monday  reportedly approved a reduction of 15% in Gurgaon circle land rates (collector  rates)  in view of the sluggish real estate market in the city. The new rates  will be  applicable on  all five sub-registrar areas of the district, including Gurgaon, Manesar, Sohna, Pataudi and Farukh Nagar and  have been implemented with immediate effect .

The collector rate is the minimum value at which sale or transfer of a plot, a built-up house, an apartment or a commercial property take place. The buyers also pay stamp duty according to the collector rate.

Since, the city has been witnessing  a massive slow down in the real estate market for the past three years thus significantly reducing the property transactions and bringing down the revenue to the State exchequer the current regulation has  been positively supported by the Gurgaon Real Estate experts.

 Manmohan Gaind, Vice President of Manesar Industries Welfare Association said , “This is a very positive news absolutely in line with the current market reality though a more positive move would have been a slash of 25% but this move is also welcomed as it shows a positive intent of the government.”

Gaind as a representative of industrial association also recommended a decrease in industrial allotment rates by around 30 % apart from the current reduction in collector rates.

“ For the  allotment of industrial plots the current  rates which presently tend to be exorbitant require a government intervention for reduction of  the plot prices across the state  by 30 % to revive the industry as a whole," he added.

“But so far the decision taken by the Haryana Government  to cut the  collector rates  is a very very positive and well aligned news for the Gurgaon real estate market”, opined Gaind. (KNN/ GK)