#RealtyNewsRoundup: Circle Rates In Gurgaon Slashed By 15 per cent
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
To allow the real estate markets to recover, circle rates in Gurgaon were slashed by 15 per cent. The district administration had left the circle rates unchanged in the past two years, but the real estate markets did not see a revival. This is the first time circle rates are being reduced in Gurgaon. Read more.
The National Highway Authority of India (NHAI) has granted a Rs 779-crore road project to MBL Infra. The project was awarded on Design-Build-Finance-Operate-Transfer hybrid annuity basis. While 40 per cent of the project worth Rs 311.60 crore will be financed by the NHAI, MBL Infra will have to fund 60 per cent of the project, which would amount to Rs 467.40 crore. Read more.
The South Delhi Municipal Corporation is considering strict action against property tax defaulters. Many clubs in South Delhi have been engaging in large- scale property tax evasion. The municipal body said that these clubs would face action for defaulting on property tax payment. Such clubs have not been paying property tax by not including vacant land in the annual value of the property, and by not paying taxes for using parts of the club for commercial use. Read more.