#RealtyNewsRoundUp: Property To Cost More As Circle Rates In Gurgaon Hiked By 15%

In a move that is likely to help authorities meet the twin objectives of generating more revenues and equalise the differences in rates in various sectors, the Gurgaon district administration has hiked circles rates by up to 15 per cent per cent, for the second time this year. In a first, the administration has also come up with specific circle rates for residential hubs lying close to sectors, including the Golf Course Road, the MG Road, the Delhi-Gurgaon Expressway and the Sohna Road. In licensed group housing societies, rates remain unchanged.

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From the earlier 20 per cent, home loans to the self-employed segment have been growing at a compounded annual growth rate of 33 per cent in the past four years, says a report by rating agency Crisil. However, loans to this segment are also turning bad at a greater degree. From 0.7 per cent in the past to 1.1 per cent by the end of financial year 2017-18, delinquency rates have gone up by 40-basis points.

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On April 8, over a hundred buyers of Lotus Panache, a project by real estate major 3C Company, protested outside one of its directors’ house over delayed construction. According to the buyers, who have been waiting for their flats for the past nine years, they would soon form a human chain near the Prime Minister’s Office to mark their protest. Located at Sector 110 in Noida, Lotus Panache is a residential project of 30 towers, of which nine have been constructed and handed over.

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A man was killed and six firefighters were injured after an apartment caught fire on the 50th floor of Trump Tower in New York on April 7. Fire marshals are investigating the cause of the blaze. Since there are no sprinklers on the upper floors of Trump Tower, authorities said the fire spread quickly.

Source: Media reports