Industry experts and government officials believe that the rate cut, the second in a row, will lead to a price correction that will help boost a sluggish market as more homebuyers will now be keen to invest in properties.
While the circle rates (government rates) were reduced by 10-15% in 2016-17, they were kept unchanged for two previous years (2014-15 and 2015-16) in the wake of a slump in the real estate sector.
"The rate cut will definitely help reduce the cost, paving the way for more dealings that will provide some momentum to the market," said Anupam Varshney, head of sales and marketing, city-based developer Vatika Limited.
"Property prices have been going down as supply is more than the demand in Gurgaon. The rate cut will boost the market sentiments," said Pradeep Mishra, a real estate expert.
District revenue officer (DRO) Hariom Atri said that changes in the rates had been made on the basis of reports from field officers. "Though the rates have been slashed in major parts of the districts, the same have been increased in some colonies located near Huda sectors by 3-5% to bring parity," he added.
"After the reductions, we are hoping to see a rise in revenue collections from stamp duty as more people will purchase home now," Atri added.
While the rates have remained unchanged in most of Huda sectors, they have been reduced by 5% in sectors 10, 10A, 9 and 9A.
Similarly, DLF, Sushant Lok and other developers' areas have seen no or slight changes in the rates while new sectors 58-115 have witnessed a 5% deduction.
The rates have been reduced by 3-5% in villages within the city limits, namely Gurgaon, Sarhaul, Moalehera, Nathupur, Sikanderpur Ghosi, Bajghera, Sarai Alawardi, Sukhrali and Chakkarpur.
Source: ET Realty
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