A 20 per cent hike in circle rates of property in a majority of NCR areas from U.P. is proposed to increase from next month. Buyers will have to pay more after this date for registry of property. The areas include those from Noida, Greater Noida and Ghaziabad. District magistrate Deepak Agarwal has approved this decision in a meeting with officials of the department concerned. It will hike circle rates in Noida and Greater Noida by 20% from April 1. Besides, there is a possibility of a hike in circle rates for villages and rural areas and many other areas falling on NH-24 and NH-58.
Interestingly, there is a likelihood of a simultaneous increase in the circle rates for residential land in Ramprastha, Surya Nagar, Chandra Nagar, Vaishali, Kaushambi, Indirapuram, Vasundhara, Kavinagar, Rajnagar, Nehru Nagar, Brijvihar, Lohia Nagar, Patel Nagar and Rajendra Nagar by 10-20%. Obviously, the demand of residential, industrial and commercial plots plays a big role in pushing the revision of the circle rates.
The proposed revision of circle rates for property for registration will effectively lead to expansion of the state body exchequers in some of the NCR areas coming in U.P belt.
It may be recollected that in absence of increase in re-sale of properties in NCR of Delhi in the bear phase for real estate, the funds inflow coming through sub-registrars to many local courts came down substantially in 2008 and 2009. Delay in completion of builder projects also led to fewer registries in Gurgaon, Noida, Ghaziabad and Greater Noida areas.
To date, there are more than 9,000 properties which have not been registered in Greater Noida. These include 3,760 (agricultural sector), 2,806 (individual houses), 1,250 (group housing), 224 (industrial), 66 (institutional) 450 (builders) categories.
At present, circle rate in Noida ranges from Rs 18,000 to Rs 40,000 per square yard. In Greater Noida, circle rates vary from Rs 14,000 to Rs 17,000 square yard. From April 1, the minimum circle rates in Noida will be Rs 20,000 while the maximum will be Rs 46,000 per square yard. Interestingly, the proposed revision in circle rate of land will be effected for the first time after they were last revised in 2006 in Noida and Greater Noida areas.