In a major relief to homebuyers, the district administration has waived off additional duty on security, which was earlier charged at 3% in Noida and 2% in Greater Noida on registration of flats. The revised circle rates will come into effect next month.
There has been no change in circle rates of industrial and commercial plots in Noida, while the change in institutional plots is nominal, at 0.4%.
District magistrate NP Singh said that 80% of all the property registrations in the district is by homebuyers.
“In May, there was an increase in the allotment rate of residential plots by the Noida authority. In order to match that rate, the circle rate has now been increased by 14.2%. The circle rates for group housing societies has been increased by 6%,” Singh said.
He said that waiver of the security charge will benefit thousands of homebuyers as it is bound to reduce the total value of flats as well as the stamp duty.
“Earlier, homebuyers had to pay 3% duty for security while registering their flats in Noida and 2% duty for flats in Greater Noida. This has been removed now and the value of the flats will decrease, thereby benefit homebuyers,” he said.
Meanwhile, a considerable hike — of 42% — in circle rates of commercial plots in Greater Noida was also announced. The circle rates of residential plots in Greater Noida were also hiked by 9.3%.
“The Yamuna Expressway Industrial Development Authority (YEIDA) had increased the allotment rate of commercial plots in Greater Noida earlier this year, on the basis that this area will be a centre of investment in future. Hence, in order to match this rate, the circle rates have been increased by 42% for commercial plots,” Singh said.
The state government also approved a 2% developmental charge that will be applied along with stamp duty. The stamp duty, thus, will be increased from 5% to 7% in urban areas of the district. However, the government is yet to notify the Noida and Greater Noida authorities to charge higher stamp duty.