The District Administration has made the decision of not increasing the circle rates of properties coming under the three development authorities – Noida Authority, Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA).
The decision is taken as a because of the situation of recession prevailing in the real estate market which is a consequence of demonetization.
The circle rate of an area is the minimum rate at which any transfer or sale of property is made. The classification of properties is done in five broad categories – commercial, residential, institutional, IT and industrial.
The difference in circle rates also takes place because of the different categories/sectors.
Circle rates are analyzed and revised by the District Administration as per the submitted rates by the concerned development authorities. The final decision regarding no hike in the circle rates will depend upon the feedback from people (builders, stakeholders and residents) which will be thoroughly analyzed.
People have been asked to give their feedbacks in the registrars’ offices, tehsildars’ offices and sub-divisional magistrates’ offices.
Keeping the benefit of people in mind, the administration is not increasing the circle rates this year. But the same may not be applicable in Jewar as the circle rates are expected to be hiked there. This is because of the upcoming development of an airport in Jewar.
All the developers and residents have highly appreciated the decision as according to them, the circle rates are already higher than the prevailing rate in the market, and any further increase would breakdown the market.