Noida approves hike of 10-30% in circle rates

The district administration of Gautam Budh Nagar has given preliminary approval to a proposal for hiking circle rates by around 10 to 30 per cent in the coming weeks. The move was cleared by Additional District Magistrate (Finance) S B Tiwari and sent to the district magistrate for approval. The administration is yet to decide when the new rates will be enforced.

While rates for institutional and commercial plots will be increased by 20 to 30 per cent, rates for residential properties are set to go up anywhere between 15 and 30 per cent. The industrial sector will see a 10 to 30 per cent hike.

“The calculations have been made on current rates of allotments on these properties. We want to bridge the gap between current real estate prices and official circle rates,” Tiwari said. A circle rate is the minimum rate at which stamp duty is charged on transaction of property.

source: http://www.indianexpress.com/news/noida-approves-hike-of-1030-in-circle-rates/953634/