Noida property agents want reduction in circle rates

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Noida property agents want reduction in circle rates

After the proposal for reduction in circle rates in Gurgaon, property agents are hopeful that the same will be replicated in Noida, GreNo and Yamuna Expressway Authority.

Noida property agents want reduction in circle rates

After the proposal for reduction in circle rates in Gurgaon, realtors and property agents in Noida have expressed hope that the same will be replicated to give sale of property a boost in Noida, Greater Noida and Yamuna Expressway Authority. Gurgaon administration has proposed to the Haryana government to slash existing circle rates by fifteen percent.

Nafees Salman, a property consultant of Noida, told City Spidey that majority of Noida residents work in Delhi. If circle rates of property in Gurgaon can come down, such persons will prefer to buy houses in Gurgaon rather than in Noida. And if Noida has to compete with Gurgaon in terms of sale of property, circle rates should be slashed here as well.

Kulvir Singh, another city-based property consultant said that circle rates in the entire National Capital Region (NCR) should be the same as all NCR townships were now connected through Metro. If circle rates come down in Gurgaon, the Uttar Pradesh government should also decrease the circle rates in the twin towns of Noida and Greater Noida, to provide a level playing field to all real estate players.

According to a report by real estate consultant Jones Lang Lasalle, the NCR has witnessed the country’s highest unsold inventory figures at almost 1,70,000 units. Gurgaon’s contribution to this burden is only around 22,000 unsold units, while Noida tops the list with about a lakh unsold flats.