Circle rates in Noida, Greater Noida to stay the same this year
NOIDA/GREATER NOIDA: For people planning to buy property in Noida and Greater Noida, the District Magistrate of Gautam Budh Nagar announced some good news on Wednesday as the circle rates on properties for the financial year 2018-19 will remain unchanged.
Moreover, the administration removed the surcharge taken from flat owners in the name of facilities such as lift, power back up and others. The new hiked rates were to come into effect from August 1.
According BN Singh, District Magistrate, Gautam Budh Nagar, there will be no hike in the circle rates on properties in all areas under Noida, Greater Noida and Yamuna Expressway authorities. “Following the analysis done over the past few years, we have decided not to hike the circle rates of properties in all areas under the Noida Authority, Greater Noida Industrial Development Authority (GNIDA), and Yamuna Expressway Industrial Development Authority (YEIDA),” he said.
However, the administration has invited suggestions and objections from the public till July 21. People can register their objection asking for increase or decrease in circle rates to the administration, the official said.
“We have proposed that there should be no hike in circle rates in the district. But the final decision will be taken after going through all objections. A final meeting will be called after the mentioned date of filing any objection to look for required changes,” Singh added.
“We have decided to wave off three per cent of the surcharge in circle rates taken on the name of facilities such as power backup, lift, gym, swimming pool and others. Also, the stamp duty has been reduced from 15 per cent to 6 per cent for the new fiscal year” he said.
Circle rate is the minimum value at which the second sale or transfer of a property takes place. No increase in the circle rates will be beneficial for home buyers while it’s not good for the property sellers and investors.