Gautam Budh Nagar (Uttar Pradesh), Nov 1 (IANS) The district administration is likely to hike property circle rates, or the minimum prices for sale or purchase of real estate, in Noida, an official said Tuesday.
‘We have been compelled to hike the circle rates for a number of reasons. The rates of Noida Authority have to be in consonance with that of Greater Noida Authority, which had hiked its circle rates last month. There has to be uniformity in the circle rates in both areas,’ Additional District Magistrate (Finance) Sarvajeet Ram told IANS.
Adjoining Delhi, Gautam Budh Nagar district includes Noida, Greater Noida and Yamuna Expressway areas.
The circle rates of group housing, residential, commercial and industrial properties are likely to be increased by around 17-25 percent, while industrial plots might witness a hike of around 30 percent.
‘The rates have also been revised in view of the hike in Delhi and Ghaziabad. Rates in Gautam Budh Nagar have to be uniform with those in Delhi and Ghaziabad,’ he said.
The Delhi government Monday hiked the circle rates by 15-250 percent.
The new rates in Noida are likely to be announced Wednesday after a final meeting of the administration officials.
A senior revenue department official said the hike in circle rates would rein in black money component in property transactions as the official rates of real estate would be closer to their market prices.
