The Haryana government on Monday announced its decision to reduce collector (circle) rates of immovable property in Gurgaon district by 15 per cent, an official said.
The lowering of circle rates will bring down the cost of buying property in Gurgaon.
The new collector rates lower compared to those of the last year, an official spokesman said here.
The new rates have been implemented with immediate effect.
Gurgaon Deputy Commissioner T.L. Satyaprakash said that the collector rates have been reduced on the basis of rates prescribed recently for registration of property, market rate and rates of plots and flats fixed by private builders in the district.
He said that there has been decrease in property prices in Gurgaon during the last few months, following which decision has been taken to reduce collector rates in the current financial year.
Gurgaon district, adjoining national capital New Delhi, has emerged a leading corporate, commercial, industrial and residential hub in the past three decades.
Realty prices in the district had shot up manifold till 2012 with government agencies and private builders making the most from the situation.