Rates of Ggn commercial properties to rise by 70%

Gurugram: The valuations of residential properties in the Millennium City may have hit a slump. However, on the contrary, the commercial rates are thriving.

In the new circle rates that is expected to kick-in with the starting of the New Year the commercial rates in most of the areas is expected to increase by 60 to 70 per cent.

In posh areas of Golf Course road, Cyber city, Mehrauli-Gurugram Road and Sohna road the rates can be as high as Rs1.5 lakh per square feet, in other parts also the rates can be as high as Rs 30,000 per square feet.

The presence of large amount of multinational companies in the city has resulted in lot of industrial units and start-up firms setting up their bases in the city.

A recent report by an international property consultancy firm had placed DLF Galleria to be having the third highest rental amount in the country after Khan Market in New Delhi and Linking Road in Mumbai.

The increase in rates is in contrast to the drop in residential property rates in most parts of the city.

The reduction in circle rates by the authorities is a step not only towards increasing the property sales but also increase the cash coffers of the Haryana government.

With each area in the city having different circle rates, the district administration plans to reduce the circle rates in the area where there can be maximum opportunity for sales of property.