Noida and Greater Noida to Increase Circle Rates

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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Greater Noida emerging as a top destination for commercial and residential activities

Greater Noida emerging as a top destination for commercial and residential activities

By Dr Suvrokamal Dutta

Greater Noida has fast emerged as the favorite destination for commercial and residential activities. The well laid out sub-city has definite area earmarked for residential, institutional, entertainment, industrial and commercial purposes.

Greater Noida Industrial Development Authority (GNIDA) has contributed heavily to the development and fast growth of the sub-city. Plenty of multinationals and domestic companies are coming up every year. Authority has allocated adequate budget for number of developmental work to keep the city neat and clean.

But more development is needed especially in improving the power and water supply. “Undoubtedly, Greater Noida is facing acute power shortage. To meet the

Power demand we have set up a monitoring committee, which will provide recommendations to improve the power supply,” pointed out GNIDA official.

It is worthwhile remembering that Greater Noida requires 80 mw, but the sub city receives just 65 mw. GNIDA have asked Uttar Pradesh Power Corporation Limited to increase the power supply up to 70 mw.

“As far as continuous water supply is concerned, we are all ready committed to supply 85 cusecs of water from the River Ganges from the upper Ganga canal. For this an MoU has already been signed with the jal nigam,” said GNIDA official.

If experts are to be believed, the much-awaited projects international airport and Taj Express Way will contribute heavily to the sub city’s growth. As per the recent dialogue between Indian Prime Minister Manmohan Singh and Uttar Pradesh Chief Minister Mayawati, the national capital region will get another airport at Greater Noida. Four years back, 4000 hectares of land had already been earmarked for the proposed airport.

Also based on the satellite survey, civil aviation department had approved the technical norms. Proposed airport will directly be linked with 160 km long (Noida to Agra) six-lane Taj Express Way. It has come into the notice of The India Street that land acquisition for this is already under progress. The authority is waiting for ministry of civil aviation’s guidelines. They are hopeful that project should be completed within three years.

With airport and Taj Express Way, there is going to be lifestyle change in Greater Noida. As a matter of fact, the people from Delhi would prefer to shift and settle in Greater Noida, as the sub-city would provide better lifestyle along with ample job opportunities. No doubt, Greater Noida would soon become an industrial hub as lots of multinational companies and foreign investors are coming here.

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