Buying property in Faridabad has become cheaper after the district administration bowed down to public pressure and ordered reduction in circle rates with immediate effect. After the administration released the revised list, the property dealers called off hunger strike.
The administration had hiked circle rates by two to seven times, evoking massive protests across the district.
Last year, the circle rate of Sector 15 in residential area was R8,750 per square yard, which was hiked to R50,000. The new revised circle rate for the area now is R18,000 per square yard.
Similarly, in Sector 19, the R7,500 per square yard circle rate in residential area last year was hiked to R25,000. It has now been reduced to R14,000 per square yard.
Similarly, in Sector 21A, against R8,125 per square yard last year, the circle rate was hiked to R50,000 per square yard. It is now R16,000 per square yard.
“Yes, I realize the circle rates were very high,” deputy commissioner of Faridabad Praveen Kumar said, “(But) now the rates have been reduced with immediate effect.”
The administration had faced public criticism after they hiked the circle rates the district.
The district administration had on Thursday hinted that revised circle rates were expected any time.