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In a positive development in the real estate sector, the rates of property are likely to decrease in Noida from coming August. In Gautam Buddh Nagar, the district administration has proposed to cut down the circle rate by 21.5%. This is applicable for the commercial plots, and is likely to give a boost to real estate investment in the city. Besides, the district administration has also proposed waiving off the surcharge of 6% on the residential projects in Noida.
The district magistrate has stated that recently, a draft notification has been issued, that notifies the reduction in these rates. As a result, property buyers will get a relief. In the first week of August, the new changes are likely to come into action. According to the notification draft, the deadline to fill the objections to the proposal has been fixed on 31st July. After this, it will be possible to go ahead with the proposal.
It should be noted that the circle rate in an NCR district is being reduced for the first time. On group housing projects, the 6% surcharge will no longer be imposed in the housing projects in Jewar, Dadri, Noida and Greater Noida. On commercial projects, a 21.5% reduction on the circle rate has taken place.
In the shopping malls located in Noida, an extra 25% surcharge was being imposed. This was due to the instalment of air conditioners and escalators. These additional costs will also be waived. It should be noted that the district of Gautam Buddh Nagar has four zones. These include Greater Noida, Noida, Jewar and Dadri. According to the law, a district magistrate needs to revise the circle rates, considering the situation in the market, once a year.
Infrastructure like the Peripheral Expressway and the Jewar airport are coming up in the area. The metro railway is already operational in this zone. This has made it a promising area, which induced the authorities not to make any change in the circle rate of property in these zones. As a result, the property transactions in the area will get a boost. The government will also benefit in terms of increased stamp duty. Experts reveal that this is a positive development in the area. Officials say that in Noida, the circle rates remained unchanged since 2015. The Noida Authority has not sold any commercial plot with single unit in the last four years. Another official stated that the surcharge of 2% imposed on clubs or community centres, gym and swimming pool, each will not be abolished. This results in a 6% reduction in this rate.
For real estate investors, this is a positive news and they would consider visiting the top real estate websites to explore the latest projects.
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