Circle rates of properties in Noida will be increased
The Gautam Budh Nagar district administration has proposed to hike the circle rates of property in Noida by 10-30%. The authority of the finance department has granted a preliminary approval to the new rates.
Circle rate is the minimum rate at which stamp duty is charged on transaction of a property. And the authority has observed that many property sellers and buyers are declaring the value of transaction at a lower rate to get away with a lesser stamp duty payment.
While the circle rates for residential and group housing will be increased by 15 to 30 percent, the circle rate for institutional and commercial properties will be increased by around 20 to 30 percent; the circle rate for the industrial sector will be increased by 10%.
The administration decided that it was essential to raise the circle rates in the district as property prices have increased considerably.
The new rates have been arrived at on the basis of the current allotment rates of property and land in Noida and Greater Noida. The hike has been proposed to bridge the gap between the current real estate prices and offered circle rates in the sectors.
The new circle rate will discourage people to buy or sell properties in Noida and Greater Noida below market price.
Last hike in circle rate was happened in 2010, when it was raised between 15 to 20 percent.
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Source: Times of India
Circle rates, circle rates of property, Gautam Budh Nagar, Properties in Noida, property in Noida, Stamp duty, transaction of property
