Ghaziabad ups property rate, Noida next

The property markets in Gautam Budh Nagar and Ghaziabad are set to receive yet another blow, with the administrations of both the districts deciding to revise existing circle rates. While the Ghaziabad Development Authority has already decided to increase circle rates, Gautam Budh Nagar is yet to take a call on it. Reeling under a cash crunch due to a fall in the number of buyers, the property market seems set for tough days ahead. In view of the increased circle rates, potential buyers would now have to shell out more for stamp duty. “More payment in the form of stamp duty could prove harmful for the property market,” a senior official said. Gautam Budh Nagar DM Deepak Aggarwal said the officials concerned are trying to zero in on a percentage increase in circle rates for various regions. “The increase would be close to 20 per cent, but we have decided not to increase circle rates uniformly,” Aggarwal said. The new rates are expected to come into effect from July 1. source: http://www.indianexpress.com/news/ghaziabad-ups-property-rate-noida-next/810244/