|
| |
| Real
Estate News Delhi, NCR and Neighbouring States |
|
| |
Real Estate News Delhi Archives»
Circle Rates in Noida and Greater Noida
After Delhi,
Gurgaon
and Ghaziabad the district administration of Noida
and Greater Noida would soon hike their circle rates. The new circle
rates have been proposed to bridge the gap between the prevailing
real estate prices and existing circle rates in
the sectors.
“We expect to receive some objections in the first week of August.
After receiving the objections, district administration will revise
the new circle rates. We hope to announce the new circle rates in
third week of August,” said AK Singh, assistant commissioner,
stamp. Interestingly, informed sources said that the circle rates
for residential land will witness steeper hike than those for the
residential colonies.
Sectors-44, 18, 26, 27,
58, 62 and Sectors-Alpha, Beta, Gamma, Omicron, Zeta, Kasna, Murshadpur
in Greater Noida, are likely to witness 10 to 50% increase in the
existing circle rates. The new circle rate of industrial area is likely
to be hiked on a slab based system. Sources say that it may be hiked
from Rs 7200 per sq m to Rs 10,000 per sq m. While institutional circle
rate is 25% of authority’s fixed price, the revised rate for
residential plots is likely to be hiked from Rs 10,500 per sq m to
Rs 33,000 per sq m. In Greater Noida for the residential plots the
revised circle rate may be hiked from Rs 10,500 to Rs 14,000 sq m
in Alpha, Beta, Gamma, Swarn Nagari sectors. Also, the institutional
rate may be hiked from Rs 3,675 to Rs 7,350-7500 per sq m.
Earlier in developed sectors the hike was 33 to 100% which provide
advantage to secure the property rights. The present rate of stamp
duty is 8% of fixed circle rate. The new circle rate is revised on
the basis of total number of registration of documentation in last
2-3 years.
Noida authority has already revised the property rates in recent times
and Noida’s property price has hiked upto 55 to 60%. Moreover,
after the authority made residential plots costlier by upto 76% in
all sectors, it is prompting homeowners to either hike rentals or
weigh the tempting option of selling the houses in upscale sectors
for huge profit. New circle rate would depend on both Noida-Greater
Noida authorities’ property prices.
Commenting on the proposed circle rate, Sudhir Kumar, additional chief
executive officer, Greater Noida Authority said, “Right implementation
of new circle rate is more important to value the price index and
area development. For the security of property, one must pay the stamp
duty individually; otherwise the individual would not have any legal
right to claim their property.”
Source: Times of India
Builders
London |
|
