Covid effect: No change in circle rates this year in GB NagarUpdated: Aug 05, 2020 23:52 IST
The district stamp and registration department in Gautam Budh Nagar has decided not to change circle rates this year as the real estate sector is facing a slump and has been hit hard by the Covid-19 outbreak and the resultant lockdown. There were zero registrations in April this year.
SK Tripathi, assistant inspector general (registration), Gautam Budh Nagar, said the Covid-19 pandemic has hit the real estate sector. “In April, we did not register any property and hence stamp duty collection was zero in that month. In May, we registered some property and collected Rs 11 crore. In June and July, we have collected Rs 60 crore and Rs 101 crore, respectively,” he said.
The department could manage only Rs 171 crore in stamp duty from April to July this year against the annual target of Rs 3,158.
Tripathi said that due to Covid-19 and the lockdown, the department was not able to conduct surveys of properties. “We have not received feedback from stakeholders on circle rate revision this year. The district administration plans to keep the circle rate unchanged,” he said.
The circle rates, if revised, would have come into effect from August 7/8.
In 2019, the Gautam Budh Nagar administration had waived the 6% surcharge levied on additional facilities such as swimming pool, community centre, club and gyms in group housing projects. The administration had also decreased circle rates of Noida’s commercial properties by 21.5%.
Circle rates are the minimum rates that form the basis of calculating stamp duty and registration charges.
PPS Nagar, advocate and patron Noida Bar Association, said circle rate should correspond to the market rate. “We know the market rate is very low this time and there are no buyers. The rate of commercial property is skyrocketing in certain areas. I feel the circle rate should be revised to match the market rate,” he said.
In the registry office, prior appointment is a must for property registration to ensure social distancing. Tripathi said people need to book their appointments at www.igrsup.gov.in before they visit the office.
“They will be given a time slot for registration. This is to ensure people follow social distancing and there is no crowd at the registration office,” he said.