This decision was taken considering the outcome of the previous waiver scheme announced last year.
Flat buyers may now get relief from paying additional surcharge on three facilities at their society or residential pockets as the district administration has proposed to waive them off.
Currently, buyer of residential property has to pay additional surcharge on stamp duty on three facilities while executing property registration. These facilities included community centre/club house, swimming pool and gymnastic. One has to pay 2 per cent additional surcharge on each of the mentioned facility.
This decision was taken considering the outcome of the previous waiver scheme announced last year. The administration had waived off the additional surcharges levied on power backup and and passengers' lifts in the society.
Officer with district administration told that the department had witnessed an increase in sales of stamp papers which resulted in 16 per cent hike in revenue collection.
District Magistrate, GB Nagar, BN Singh said that the administration has decided to reduce the circle rates of land in the district. Lowering the circle rate will reduce the cost of commercial and residential plots further. This new decision by the administration will benefit the new home buyers too.
He said, “The entire area in the district can be divided into four parts - Noida, Greater Noida, Dadri and Jewar. Presently, all these parts have different circle rates. Therefore, it was needed to determine one rate for all places.”
He informed that to develop industrial areas in Uttar Pradesh, the government is planning to cut the circle rates so that more and more commercial projects can be set up in the district.
He revealed that the minimum price for a circle rate is determined once a year keeping in mind the economic activities happening in the district. He also said that the revenue of the district has decreased considerably last year.
Due to this, the circle rate for commercial plots has been reduced by 21 per cent. He said that the decision has also been taken to waive off the surcharge on elevators and air condition at a commercial malls. Currently, 25 per cent surcharge is being collected, but it has been proposed to waive these surcharge as well.