Noida circle rates can go up - Property in Mumbai

Noida circle rates can go up - Property in Mumbai

The land near Yamuna Expressway, Noida, and Greater Noida will soon get costlier as the stamp and registry department has proposed to increase the circle rates by up to 35%. This proposal comes within days of the three development authorities hiking property rates by up to 30%.

Officials said, the revised rates are likely to be implemented from mid-July. The assistant general inspector (AIG) SK Singh said, we have proposed a hike between 17% and 35% in circle rates of all categories, including residential, institutional, industrial and commercial and institutional sectors will witness an increase in circle rates between 27% and 35%. However, the proposal is subject to clearances by the state government. Adding further he said, the proposal will be sent to he district magistrate who in turn will send it to higher authority.  Officials said that the hike in circle rates of the residential category will be dependent on the lease rent of a property, the rates of which are varied. In some lease deeds, the authorities charge 1% as lease rent, while in others 2.5% is levied

The allotment rates for group housing, residential and institutional properties have been increased by up to 15% and commercial and industrial land by 30% and 11.25%, respectively, in the Noida region. The Greater Noida Authority hiked allotment rates for land across all categories, except industrial, uniformly by 8.53%. The Yamuna Expressway Authority has upped its allotment rate by up to 15%.

The hike in both allotment and circle rates means that buying a house or any other property in Noida, Greater Noida or Yamuna Expressway will cost more. However, real estate players said that this will be a good way to develop the region.