Located about 15 miles south from the nation’s capital, New Delhi, Gurgaon has emerged as an architectural boon on the Indian land. Barely existed 20 years ago, the city has come up with 26 astonishing shopping malls, golf courses and different types of luxury handles like Chanel and Louis Vuitton. The city also bags brands like BMW and Mercedes for its automobile section. The city carries different types of housing facilities in the form of apartment tower and futuristic commercial buildings like Cyber City.
Basically the city is striving for providing the best city facilities which might attract any person to buy a home in Gurgaon. Now, everything has its own different aspects. Some are positive and some are negative. The city still struggles in different criteria of being an ideal city. The city also insists to have a more operative draining system and parking space. The citizens already living in there have also complained about the bad conditions of road and no public transport within the city. But this all comes under the development process. When a city or any other element goes through a particular process, some difficulties are bond to appear and these problems further get replenished from the surface.
Now, differently from this, the city also portrays a symbol of rising and development in India, with its shiny buildings and increasing economy. The city is rapidly growing to be an international success, marking its name but also comes out as a riddle, about how the coming population can be served more efficiently without any basic public services? In Gurgaon or be it in any part of India, the growth appears from working on to its own despite of the government. Now, our neighbor China and we are the world’s most rapidly increasing economic countries but the difference is that in China the growth is led by the state whereas in India, the growth is impeded by the state. There is a reason why India’s architectural work is stated outdated whereas the neighbor has made world class architect wonders.
Now, having property in a city that is going on with its advancement is always looked upon and remains as a competitive trail for the property dealers and investors. Now, the same goes with Gurgaon and its property as there are numerous homes which the city is carrying and more no. of houses are under construction. And this leads to a never ending quest for commercial property in Gurgaon. This obviously excites a normal person from the neighbor cities to give it a go on the side. And in the recent scenario, the Gurgaon administration is planning to slash circle rates of all the properties by 15%. The act has been planned in order to revive the slumbering estate market which seems to be going down in the recent times.
If the government approves for the respective approval, it will be the debut for a real estate market that will see the circle rate graph going down. In last two years, the city graphs were kept constant but no increment came in from the buyers. And in the end, the whole scenario had negative blow for the commercial real estate Market. Though this is not the only reason for the downturn in the industry, as a senior government officer stated that the offer to cut the rates is a part of a correction, in relation to the existing ground realities and is a hope to increase the present market conditions. D Suresh, the divisional commissioner also said that the present rates are higher than the current market rates and should be rationalized.
Gugaon’s deputy commissioner Mr. TL Satyaprakash also stated that, “Government experienced the disaster as there was a major downturn in the registries for many flats. He also led the committee for introducing the reduction.
“Market rates have decreased in certain areas but the circle rates are still higher and should be rationalized. We will need different circle rates for different areas as the rate of commercial property near Ambience mall and Galleria market are opposed in other spaces,” said Mr. Satyaprakash.
Now, developer at a time has this confidence in investors for the improvement with the rate deduction. For the same, director of M3M also stated that, “the total cost will reach low because of the circle rates and being the basis for the tax related calculations.” Manoj Goyal, the director of Homestead also shared that, “This can be a good act as we have seen a major drop in property prices which has created a gap between transaction value and circle rates.”
Huda, also faced some difficulties in Commercial Property for sale, as expressed by the officials. “In March 2016, 96 commercial properties were on auction in Gurgaon, but only 10 properties managed to sell off.” stated by a senior Huda official.