By Dr Suvrokamal Dutta
It has come into the notice of The India Street that after Delhi, Gurgaon and Ghaziabad the district administration of Noida and Greater Noida would soon increase their circle rates.
If experts are to be believed, the new circle rates have been proposed to bridge the gap between the prevailing real estate prices and existing circle rates in the sectors.
When The India Street asked district administration in this regard they said: “We expect to get some objections in the initial few weeks. After getting the objections, we will revise the new circle rates. We hope to announce the new circle rates in the third week of August”.
According to sources, circle rates for residential land will witness steeper hike than those for the residential colonies. It is worthwhile pointing that Sectors-44, 18, 26, 27, 58, 62 and Sectors- Alpha, Beta, Gamma, Omicron, Zeta in Greater Noida are likely to witness 10 to 50 percent increase in the existing circle rates.
On the other hand, the new circle rate of industrial area is likely to be hiked on a slab based system. Initial signs are that it may be hiked from Rs 7200 per sq m to the Rs 10,000 per sq m. While institutional circle rate is 25 percent 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.
Point to be noted here is that earlier in developed sectors the hike was 33 to 100 percent, which provide advantage to secure the property rights. The current rate of stamp duty is 8 percent of fixed circle rate. The new circle rate is revised on the basis of total number of registration of documentation in last few years.
It is worth mentioning in this regard that the Noida authority has already revised the property rates in recent times and Noida’s property price has hiked up to 55 to 60 percent. Furthermore, after the authority made residential plots costlier by up to 76 percent in all sectors, it is prompting homeowners to either hike rentals or weigh the tempting option of selling the houses in upscale sectors for big profit.
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