Circle rates may go up in Noida

NOIDA: Be ready to shell out more money for buying properties in Gautam Budh Nagar as the administration could hike circle rates in some pockets of the district after a gap of four years.

TOI has learnt that the local administration will soon begin an exercise to evaluate the prevailing land rates in the three revenue sub-divisions of the district — Dadri, Sadar and Jewar. Circle rates are updated every year, usually on August 1.

From 2017, the circle rates in Noida, Greater Noida and other parts of the district have largely remained unchanged. But this time the need to revise them upwards is being felt as the three industrial development authorities of Noida, Greater Noida and Yamuna Expressway have jacked up the property rates over the past three years. In UP, the government charges 7% of the property value as stamp duty.

In fact, at the recently held board meeting, the first in this fiscal, the three authorities increased the land allotment rates in Noida, Greater Noida and Yamuna Expressway region. While GNIDA and YEIDA notified an increase of 4.15% and 5%, respectively, the Noida Authority hiked the rates of industrial and institutional plots in phase II comprising sectors 80, 81, 83, 84, 85, 87, 138, 140, 154, 155 and 158 by 20%.

The Greater Noida Authority has increased the property rates of all categories for two years in a row and rates of all kinds of properties, barring commercial ones, have now become dearer by at least 20%. The Noida Authority revised the rates of sectors located close to the Aqua Line and the expressway in 2019 but has abstained from increasing the rates of non-industrial and non-institutional properties.

YEIDA increased rates in 2016 and 2020, and by 5% on both the occasions. This time too, YEIDA increased the rates again by 5%. The value of properties in the notified villages along the Yamuna Expressway that are yet to be developed or taken over, will go up further consequently.

District magistrate Suhas LY, however, said that a decision on the matter “is yet to be taken”. “Circle rates will remain the same up to July 31. Post that, we will take a call after evaluating the market conditions.”

The three sub-divisional magistrates and tehsildars will check the value of transactions mentioned in various localities to decide how much mismatch exists between the authority rates and circle rates. And a decision to increase the rates could also result in increased budget for acquisition of land for multiple government projects that are being executed in Jewar and Dadri.

Deputy inspector general of the district stamp and registration department, Rakesh Kumar Srivastava said, “The district magistrate will take the final decision on the matter. We will share our inputs with the administrative officials.”

Real estate experts, however, said that any hike could hit the real estate market in the district.