#Ashirwad news Updates:Nod to 10% circle rate hike in Noida: NOIDA/GREATER NOIDA: With the district administration approving 10 per cent hike in circle rates in residential category property rates in Noida and Greater Noida is set to go high. New rates are to be implemented from August 1. Last year, residential category registered 10 and 17 per cent hike. Commercial property has witnessed two per cent hike (excepting sector 18 and 38A, which have registered 17 percent hike) while institutional properties circle rates has increased by 10 per cent. There are five categories of Noida residential sectors. From August 1, in Noida residential sectors rates will range from 35 thousand to 86 thousand. Last year this figure was from Rs 32,000 to Rs 78,000 per sqm. With no hike, this year relief has been rendered to flat buyers. Apart from that, in flats category, circle rates will be evaluated depending services provided by the developer in the residential society. However, stamp and registry department admitted this evaluation unrealistic and had proposed to revoke the evaluation based on the services provided by the developers. This circle rates revision comes after the Noida Authority hiking property rates by up to 10 % last in June, this year. This year we have not hiked circle rates of residential flats. For residential flats, our circle rate calculation is based on six services including club, gym, security, power backup, swimming pool, provided by the developers. Earlier we used to charge 25 per cent in those societies where the developers were providing only two services out of six but this year we have decided to charge 5 pe rcent on each service but the circle rate will not be more than 25 per cent. Like a developer provides gym, club and power backup then we will only charge 15 percent and if a developer is providing all six services, then we will charge 25 percent, said SK Singh, assistance inspector general, stamp and registration department. Singh elaborated that the Ghaziabad Development Authority had asked the stamp and registry department to fix circle rates of newly group housing coming up in Kanawani and Chijarsi. We have fixed Rs 40 thousand as circle rate both in Kanawani and Chijarsi, Singh added. The stamp and registration department last year, had proposed 17 and 35 per cent hike in circle rates in all categories including residential, institutional, industrial and commercial. #source: times of india
Posted on: Mon, 28 Jul 2014 07:20:39 +0000