The circle rates in Noida to increase by upto 5%
If you’re planning to buy a real estate property in Gautam Buddh Nagar, be ready to spend more. The concerned district administration has decided to hike circle rates in Greater Noida, Yamuna Expressway, and Noida by approx. 5% for the first time in so many years.
According to the officials, the residents have around 15 days to register any objections. After which the new rates will be notified. 7% of the property value is charged as stamp duty by the UP government.
The administration officials decided to announce the new circle rates on 19th August. Due to the subdued marked condition, the circle rates in Greater Noida and Noida haven’t been changed since 2017. According to Rakesh Kumar Srivastava, the deputy inspector general of the stamp and registration department, the administration thoroughly researched before taking this decision.
In a survey conducted by the district administration, it was found that the three industrial development authorities (Noida, Greater Noida, and Yamuna Expressway) have higher land allotment rates than the existing circle rates. Hence, the decision to hike the circle rates was taken.
Property prices in Phase 3 of Noida will be jacked up by the district administration. The sectors that will be impacted due to this change are 57, 58, 59, 60, 63, 64, 65, and 67. The real estate prices in phases 1 and 2 will also be revised along with the rates in Alpha, Beta, Gamma, and Tau sectors.
According to Prasun Dwivedi, the sub-divisional magistrate of the Sadar area, the dynamics of the real estate market, localized factors, and the current market situation have been taken into account. The district administration will be getting higher revenues and the rates are matched with that of the local development authorities as well.
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