By Accommodation Times Bureau
Noida: Recently district administration has decided to increase the circle rate by 10-30 percent in the upcoming weeks in Gautam Budh Nagar Noida. This robust move has been cleared by the Additional District Magistrate (Finance) S B Tiwari and also have sent to the district magistrate for approval. The decision is still pending from administration side that when new rates will be enforced.
However, the rates for institutional and commercial property will be hiked by 20-30 percent. On the other hand rates for residential properties are set to go up anywhere between 15 and 30 per cent. The industrial sector will see a 10 to 30 per cent hike.
The new proposal for hike is based on the current market rates, Tiwari said. He also added that, we wanted to fill the gap between the current real estate prices and official circle rates. A circle rate is the minimum rate at which stamp duty is charged on transaction of property.