Circle rates may not increase in Noida’s Gautam Budh Nagar
No increase in the circle rates will be beneficial to home buyers while it’s not good for the property sellers and investors.noida Updated: Jul 15, 2017 21:27 IST
The Gautam Budh Nagar administration on Saturday proposed that circle rates in the district should not increase. Officials said the rates for Jewar might go up as inflation is expected in buying and selling of properties following the upcoming airport project in the area.
There is no increase in the circle rates proposed after going through the survey results of the realty sector, an official said. Revenue generated from the realty sector is not impressive following which it is proposed that the circle rates should not go up, they added.
The administration has invited suggestions and objections from the public till July 25. People can register their objection asking for increase or decrease in circle rates to the administration, the official said. Citizens can approach all the six registrars, three sub-divisional magistrates of Dadri, Sadar and Jewar, assistant inspector general and tehsildars of the district.
As per the process, on 26 July, all the objection applications will be compiled by the district administration officials. A day later, officials will meet all the applicants at the collectorate office, Surajpur and the same day final decision will be taken on the fate of circle rates. The new rates are likely to come into effect from August 1.
“We have proposed that there should be no hike in circle rates in the district but the final decision will be taken after going through all the objections,” said BN Singh, the district magistrate.
Circle rate is the minimum value at which the second sale or transfer of a property takes place. “In 2016-17, all the three authorities did not increase their circle rate looking at recession in the property business. Since 2012, there has been no increase in the circle rate of flats,” said SK Jain, assistant inspector general (stamps).
No increase in the circle rates will be beneficial for home buyers while it’s not good for the property sellers and investors.
Senior vice-president of Federation of Noida Resident Welfare Association, Suresh Tiwari suggests that the circle rates should not go up as the business community is going through a tough phase. “It is expected that in the coming few months selling and buying of properties will go up. If circle rates will increase then it will discourage those who want to invest or buy homes. After the demonetization, the real estate business is going through a difficult phase,” said Tiwari.
The Central government has given its approval for an international airport at Jewar in Greater Noida. Looking at the arrival of an airport, it is expected that real estate developers will be investing heavily in and around Jewar. The upcoming airport project is expected to positively affect property prices.
First Published: Jul 15, 2017 21:27 IST