GB Nagar: No hike in circle rates for properties in FY 2018-19
In a major relief to homebuyers, the District Magistrate of Gautam Budh Nagar on Wednesday declared that there will be no hike in circle rates for properties in the Financial Year 2018-19. The new circle rates were due to come into effect from August 1.
The circle rate is the minimum amount at which the sale or transfer of property takes place.
According to an official, after going through the results of surveys in the realty sector, the administration decided against hiking the circle rates in all the areas under Noida, Greater Noida and Yamuna Expressway authorities.
"We have analysed the feedback and have taken a final decision. The administration has decided against hiking the rates in all areas under the Noida Authority, Greater Noida Industrial Development Authority (GNIDA), and Yamuna Expressway Industrial Development Authority (YEIDA)," BN Singh, District Magistrate, Gautam Budh Nagar, said.
"This time we have taken the concern from the farmers and homebuyers. And, decided to go against the hike in the circle rates," he added.
“For the commercial properties, the district administration has decided to decrease the charge to 65 per cent. Earlier, the charge was 75 per cent,” Singh said.
Apart from this, the administration has also removed the surcharge taken from the flat owners on the name of facilities such as lift, power back up and others.
“We have decided to wave off 3 per cent of the charge in circle rates taken on the name of facilities such as power backup, lift, gym, swimming pool and others. The stamp duty has also been reduced from 15 per cent to 6 per cent for the new financial year,” Singh added.
Since 2012, there has been no increase in the circle rate of flats. The three authorities did not increase their circle rate looking at the recession in the property business in last six years.