#RealtyNewsRoundUp: Circle Rates Doubled In Some Gurgaon Localities

The Gurugram District Administration has for the third time this year has revised circle rates across segments. The hike comes into effect from December 20. Collector rates were earlier revised in February and October this year. In some areas, buyers of residential property will have to pay double the existing circle rate after the hike.

Meanwhile, more than 50,000 buyers in Noida, Greater Noida and Yamuna Expressway areas, who got possession of their flats without a completion certificate, will have to pay five per cent stamp duty to the government. Apart from paying the stamp duty, the buyers will have to sign an agreement to lease document with the developer. This agreement will give the buyers legal ownership of their flats but not the right to sell them, until the developer gets a completion certificate.

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The NITI Aayog has suggested a slew of measure to make the government’s housing for all by 202 programme a success. The government has been advised to consider a sub-category under priority sector lending to promote affordable housing. The government think-tank has also suggested that land lying idle with public sector undertakings be given for such projects to speed up the work.

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The Delhi government has approved the much-delayed Phase-IV of the Delhi Metro, and with this has shown the green signal to start the work on six new corridors proposed under this phase. Spread over 104 km, Phase-IV is expected to be completed by the end 2024.

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Loans against property (LAP), which is the fastest growing segment in personal loans in calendar year (CY) 2018 across banks and finance companies, has also recorded the biggest increase in delinquencies, according to an analysis of borrower data by TransUnion (TU) Cibil. LAP clocked a 33 per cent increase in accounts till end-September 2018 while defaults rose 73 basis points year-over-year to 3.03 per cent in the quarter ended September.

Source: Media reports