#RealtyNewsRoundup: Gurgaon Circle Rates Slashed By 5%

The Gurgaon district administration has proposed a reduction in circle rates of properties across all segments by five per cent for the financial year 2017-18. Last year, circle rates were reduced by 10-15 per cent in different parts of the district. This will make real estate in the Millennium City cheaper, a property market known for its expensive commercial and residential spaces.

Flat allottees of the 2014 housing scheme are planning to file a court case against the Delhi Development Authority (DDA) for allegedly selling them houses meant for economically weaker sections in place of homes meant for the low-income group. Buyers allege that the development body has also failed to provide them with basic infrastructure even after two years of giving possession of flats.

In a bonanza to its old customers, the State Bank of India has cut its base rate steeply by 15 basis points to 9.1 per cent. The new rates are effective from April 1. However, the state lender has made no changes in its marginal cost of lending rates, the new lending benchmark.

The urban development ministry is preparing a report card on its Smart City Mission as the scheme is set to complete two years of its launch this June. The ministry is compiling data under various heads, such as the number of projects completed and those where work is underway.