Noida administration holds meeting to review feedback on circle rate
Last week, the administration had proposed to waive off surcharges on three additional facilities – community centre/club, swimming pool and gym – in stamp duty.Updated: Aug 03, 2019 22:32 IST
Noida district administration on Saturday held a meeting to review feedbacks received for the purpose of circle rate revision. The stamp and registration department, as part of procedure, had asked for people’s suggestions between July 24 and July 31 and had received 12 feedback.
District magistrate BN Singh said the administration has reviewed the feedbacks and a final decision is awaited. “We will take the final decision about implementation of revised circle rate in a few days,” he said. Circle rates are minimum rates which forms the basis of stamp duty and registration charges and below which a property cannot be registered.
Last week, the administration had proposed to waive off surcharges on three additional facilities – community centre/club, swimming pool and gym – in stamp duty. Earlier, each three facilities were charged 2% of the principal investment as stamp duty. However, the buyers have to pay 5% stamp duty on car parking.
The administration had also proposed 21.5% decrease in circle rates of Noida’s commercial properties. Besides this, a 25% reduction in surcharge on malls and shops with centralised AC was also proposed. The move aims to boost revenue of the stamp and registration department.
The administration has not confirmed if all the proposed changes will be implemented as it is in the revised circle rate.
To generate revenue, in December 2018, the district administration introduced “agreement to sub-lease” and asked homebuyers to pay 5% stamp duty for moving in flats which lacked completion certificate.