Noida Circle Rates are Likely to Shoot Up

After four years of stability, the administration is thinking of changing the circle rates in the Noida area. According to sources, they will reread the land rates and work on evaluating the land rates of Dadri, Sadar and Jewar. On August 1, the administration revises the circle rates every year. However, the authorities did not change the circle rates of Noida for four years. Finally, they are trying to push the rates up. Noida, Greater Noida and Yamuna Expressway’s Industrial development authorities increased the land rates over the last three years. The UP government fixed a price of 7% from the property worth as stamp duty.

The authorities have expanded the rates of land estimates in Noida, Greater Noida Yamuna Expressway. The Authority of Greater Noida increased the rates of all types of lands in the last two years. This comes as a change in the real estate industry as it tries to consolidate.

The development authority had altered its worth in 2016 and 2020, accordingly. In both cases, they increased 5%. This year, too, the same changes are on the cards. The worth of the lands of the mentioned villages and the Yamuna Expressway, which is not developed yet, will move forward accordingly. 

The three sub-divisional magistrates will read the worth of transactions of various localities and decide the difference between the circle rates and land rates. According to the deputy inspector general of the district stamp and registration department, the district magistrate will take a final decision regarding that matter. They will send the details to the administration soon. Therefore, property transactions in Noida would be costlier in the coming years. This would also generate a greater amount of revenue which will bolster the economy.