#RealtyNewsRoundup: Circle Rates Of Gurgaon Properties Cut By 3-8%

Authorities in Gurgaon have slashed circle rates of properties between three and eight per cent for the financial year 2017-18. In 2016-17, circle rates were reduced by 10-15 per cent in the city, where the property is among the most expensive in India.  Circle rates are the lowest permissible rate at which a property can be registered across Indian states. The move is likely to give a boost to Gurgaon real estate, which was among the cities worst-hit by a three-year long slowdown that crippled India's real estate sector.

Also Read: Circle Rates Reduced By 3-8% In Gurgaon

The Lucknow Development Authority has decided to name and shame engineers, who have knowingly allowed flouting of building bylaws. This is after the Allahabad High Court asked the authority to explain why so many cases of illegal construction had cropped up in the Uttar Pradesh state capital. The development body already releases a list of offenders, who flouted building norms.

The government will be transferring the iconic Janpath Hotel at New Delhi's Connaught Place to the Urban Development Ministry for converting the prime property. The 150-room ITDC property in Lutyens' Delhi can be considered for construction of government offices to help authorities save on funds spent in buying office spaces.

The National Green Tribunal has banned dumping of waste and open defecation on the Yamuna floodplains. The tribunal has directed authorities to impose a fine of Rs 5,000 on those who violate this rule.

Source: Media reports