GB Nagar is likely to revise circle rates

NOIDA: The Gautam Budh Nagar administration has decided to revise the circle rates in the district

NOIDA: The Gautam Budh Nagar administration has decided to revise the circle rates in the district. Officials of the stamp and registration department in GB Nagar said that the revised rates will be applicable from April 1, 2021.

HT Image

The stamp and registration department is likely to have a meeting at the district collectorate at Surajpur on March 16 to discuss the circle rate revision issue. Besides the district administration officials, top officials from the Noida, Greater Noida and Yamuna Expressway authorities will also be present at the meeting, said the officials.

“The revision of circle rates will be discussed in a meeting on March 16. We cannot talk more on this issue now,” said SK Tripathi, assistant inspector general of stamp and registration department, GB Nagar.

Circle rates revision is an annual exercise done after inviting objections and suggestions from the general public. The circle rate is the rate at which a property is sold or bought. It is the circle rate at which the government charges stamp duty for the registration process, which is required to transfer the property from one person to another. In GB Nagar, the government at present charges 5% of the total property cost as the stamp duty.

Meanwhile, realtors have advised not to go with the hike now when the real estate is witnessing a low sentiment.

“In view of the impact of Covid-19 pandemic on the real estate sector, there is a need to reduce the circle rates. It is time the government should also reduce the stamp fee from 5% to 2% and we have already requested for it to benefit homebuyers. Increase in circle rates will affect the interest of buyers,” said Subodh Kumar, secretary of Confederation of Real Estate Developers Association of India (Credai), a builders’ group.

Homebuyers also said that any increase in circle rates is not a good idea. “Instead, the government should reduce the circle rate as well as the stamp fee. With reduction in stamp fee and circle rate, more registries will happen that will help the government earn more revenues,” said SK Nagrath, president of Jaypee Aman flat buyers’ association.

In Noida’s ‘A’ category areas, the prevailing circle rate is of ₹1.3 lakh per square metres, which is the highest in the city. These areas include sectors 14, 14A, 15A, 17, 30, 35, 36, 39, 44, 50, 51 and 52. In Noida’s five ‘E’ category sectors, the circle rate is ₹40,000 per square metres. These sectors are 66, 102, 141, 158 and 162.

The registry officials said that in some sectors the circle rate is low as compared to the facilities such as road, connectivity, greenery and others are provided.