Property rates to go up in Noida, Gr Noida

If you are thinking of buying property in Noida or Greater Noida, be prepared to shell out more. The Gautambudh Nagar district administration is all set to hike the circle rates of land in the twin cities. "The new circle rates are expected to come into effect from the first week of July," said Deepak Aggarwal, district magistrate, Gautambudh Nagar. According to official sources, there may be an increase of 17-20 per cent in the existing circle rates of institutional, residential and commercial areas, while the industrial sector is likely to witness an increase of 32.5 percent. "A committee has been constituted to propose the increase in rates and to study the objections received against the hike," said the officer.

The increase in rates will be affected under the Uttar Pradesh stamp paper rules. Circle rates are the minimum resale rates determined by the authorities from time to time to prevent loss of revenue by way of stamp duty in sale transactions," said a senior officer of the administration. Last month, authorities had increased land rates in Noida, Greater Noida and Yamuna Expressway by 12.5 per cent. The hiked rates had come into effect from April 1.

source: http://articles.timesofindia.indiatimes.com/2011-06-25/delhi/29702796_1_circle-rates-land-rates-noida-and-yamuna-expressway