Nays to rate hike start coming in from Noida

The Gautam Budh Nagar stamp and registration department has started getting objections against the proposal to hike circle rates up to 25%. Three parties have already filed their objections so far.

The Gautam Budh Nagar stamp and registration department has started getting objections against the proposal to hike circle rates up to 25%. Three parties have already filed their objections so far.

Realtors and residents in Noida and Greater Noida can submit their responses to the proposed circle rate hike till July 25. (Sakib Ali/HT Photo)

The department had proposed the hike on July 20 and asked the general public to file objections till July 25. It will discuss these objections in order to implement the hiked circle rates from August 1.

As of now, the Confederation of real estate developers’ association of India (Credai), the ‘Sanyukt Vyapar Morcha’, and a private individual have filed objections to the proposal.

“We will discuss all objections in detail and finalise new rates before August 1. The proposed hike is in proportion to the hike in allotment rate by Noida and Yamuna Expressway authorities,” said Rajesh Yadav, additional district magistrate (ADM), Gautam Budh Nagar.

“The hike in circle rates will affect the already sluggish real estate market in a big way. A hike of up to 14% in the residential segment will be a huge burden for buyers. Circle rates in Noida are even higher than the market rate. Credai asks chief minister Akhilesh Yadav to reduce circle rates like it was done in Gurgaon where circle rates have been reduced to improve market sentiments,” said Suresh Garg, secretary, Credai Western UP and CMD of Nirala World.

Rakesh Sharma of ‘Sanyukt Vyapar Morcha’ said that the proposed circle rate of industrial plots in Greater Noida’s Ecotech 1 is Rs 14,000 per square metre.

“The market rate in this area is Rs 4,000-Rs 5,000 per sqm. In Greater Noida’s sector 36, the proposed circle rate is Rs 27,000 per sqm against the prevailing market rate of Rs 23,000 per sqm,” said Sharma, objecting to the hike.

However, the department said it will follow the direction of the UP government on the matter.

Amit Gupta, a homebuyer of sector 77, said, “It is beyond my understanding why the circle rates are being hiked when property sales are down in Noida, Greater Noida and other areas of state. Also, why is the department also increasing registration fee from 5% to 7%? Buyers are suffering due to the delay in delivery of projects, but the government is still not taking steps in our favour.”