Homebuyers should be prepared to raise more money to buy real estate in Gautam Budh Nagar, as the administration may raise circle rates in Noida after a four-year hiatus.
Circle rates in Noida, Greater Noida and other parts of the area have remained largely unchanged since 2017. But this time there is a need to revise them upwards because of three industrial development authorities. The three development authorities Noida, Greater Noida and Yamuna Expressway have increased real estate rates over the course of the last three years. At UP, the government collects 7% of the value of the property as a stamp duty.
In fact, at a recent board meeting during the first fiscal year, the land allotment rates in Noida, Greater Noida and Yamuna Expressway areas have increased by three authorities. The Noida authority raised rates for Phase II industrial and institutional sites. These sites include sectors 80, 81, 83, 84, 85, 87, 138, 140, 154, 155 and 158 by 20%. While GNIDA and YEIDA reported increases of about 4.15% and 5%.
Property value continue to rise
The Greater Noida Authority has increased real estate rates for all categories for two consecutive years. Rates on all types of real estate, except commercial, have now risen in price by at least 20%. Noida authorities revised circle rates in Noida for sectors near Aqua Line and Highways in 2019, but refrained from raising rates for non-industrial and non-institutional property.
YEIDA raised rates in 2016 and 2020 both times by 5%. Again, YEIDA raised rates by 5%. Therefore, the value of real estate in these villages along the Yamuna Expressway, which has not yet been built or acquired, will continue to rise.
Final Decision after Evaluating Market Condition
The three regional magistrates and tehsildars will check the value of the transactions in different places to determine if there is a discrepancy between authority rates and circle rates. And the decision to increase the rates could also lead to an increase in the budget for land acquisition for more public projects carried out in Jewar and Dadri.
District Judge Suhas L.Yu. said that “the decision has not yet been made.” “Circle rates remain unchanged until July 31st. We will finalize the decision after analyzing the market conditions.
Rakesh Kumar Srivastava, Deputy Inspector General of the District Press and Registration Department, said. “The final decision in this case will be made by the District magistrate. We share our contributions with administrative officials. ”
However, real estate experts believe that any price increase could affect the area’s real estate market.