By Accommodation Times Bureau
The district administration has decided against increasing the circle rates of property under the three authorities.
The decision reflects the ground situation as real estate is in recession, believed to be fallout of demonetisation.
The circle rate is the minimum value at which the sale or transfer of property takes place. The properties in Noida are classified into five categories — residential, commercial, industrial, institutional and IT.
The rates also differ depending on the sector.
The district administration reviews circle rates and revises them in accordance with the rates submitted by the development authorities. District magistrate B N Singh said the administration has decided against hiking the circle rates in all areas under Noida Authority, GNIDA and YEIDA. “We will take a final decision after analysing feedback from residents, builders and other stakeholders,” he said.
The district administration has invited feedback from people regarding the move by July 25. Officials will analyse the feedback and may incorporate minor changes before its implementation on August 1.
District officials said people can submit their feedback at the offices of registrars, sub-divisional magistrates and tehsildars.
S K Singh, assistant commissioner (stamp and registration), Noida, said the real estate sector has been in a period of recession for some time now.
“The administration has not increased circle rates for the benefit of the people,” he said. However, circle rates might be hiked in Jewar, as the government has approved the construction of an airport in the area.
Residents and developers welcomed the move, saying that circle rates of properties in certain sectors are already higher than the market rate, and any increase would have a negative impact.