Property Rates Hike: This is the last chance this month to buy property in Noida at the current rates. New property allotment rates will be implemented in Noida in about a week. After this, the circle rate will also increase in the next 15 days.
Property Rates Hike: This is the last chance this month to buy property in Noida at the current rates. In about a week, new property allotment rates will be implemented in Noida. After this, the circle rate will also increase in the next 15 days. In such a situation, buying property will become expensive after September 1. In such a situation, in the coming days, apart from buying land and flats to buy a house here, setting up an industry will also become expensive.
Last month, on July 12, the Noida Authority board meeting was held. In the meeting, the allotment rates of residential, industrial, group housing and institutional properties were increased by 6 percent. There was no increase in the allotment rates of category A plus sectors in residential areas. The increase in allotment rates was approved in the board meeting. The minutes of the board meeting have not been released yet. After the minutes are released, an office order will be issued to increase the property rates on that basis. As soon as the office order is issued, work will be done under the new property rates from the same day.
Officials say that the minutes of the board meeting are expected to be approved and received from the government in about a week. Along with this, buying the property of the authority will become expensive. The increase in the allotment rate will also affect the fee charged on the transfer of property. In the second phase, the increase in the cost of property will affect its registration. About 15 days after the increase in the allotment rate of the authority, new circle rates will also be implemented for registration. The registration department has made preparations for this. After studying the allotment rate of the sectors, the registration department will decide the circle rate accordingly. The property buyer will have to pay stamp duty on the basis of whichever is higher among the sector’s allotment rate, circle rate and the rate at which the property is sold. Officials say that efforts are being made to complete all the formalities related to the implementation of the new circle rate by the end of this month.
Circle rates will be expensive by 10 to 20 percent in villages
The authority only decides the allotment rates of its leasehold properties located in sectors, it has no role in deciding the property rates of villages. Any property bought or sold in villages has to be charged according to the circle rate. For many years, the circle rates of residential and commercial properties located in villages have not been increased. This time there is a plan to increase the circle rate by 10 to 20 percent. The registration department has done a survey regarding this. Villages where residential and commercial properties will be located on the road width and main road.
ACEO of Noida Authority Sanjay Khatri, “New allotment rates will be implemented as soon as the minutes of the board meeting come. Right now the process of allocating property and taking transfer fees is going on at the current rates.”
Registration Department AIG SB Verma said, “A survey is going on to decide the circle rate. We are waiting for the authority’s allotment rate to be implemented. After this, circle rates will be decided afresh.”
