Circle Rate to Increase in Noida : Due to the preparations to increase the circle rate in Gautam Budh Nagar district of UP, there is panic in the entire area including Noida, Greater Noida. Property registration in the district will become very expensive due to the increase in the circle. This will further worsen the condition of the already sluggish property market in NCR. If the circle rate increases, then the registration cost of the house and land can increase up to 88 percent.
All-round opposition to the proposal to increase the circle rate
There is an all-out protest against the draft of the district administration brought to increase the circle rate. From developers, real estate companies to property buyers, all are opposing it. If the circle rate increases, then the registration cost of the house and land can increase by up to 88 percent. According to the draft of the new circle rate issued by the Gautam Buddha District Administration, the circle rate in Noida adjacent to the metro rate by 35, 30 adjacent to the expressway and in nine sectors adjacent to the metro and expressway (Noida Expressway) will become expensive by 12.5 percent. With this, the category of at least 20 sectors has been changed. Because of this, the circle rate in these sectors will increase by 25 to 88 percent.
Companies, developers and property buyers related to the property business say that in this era of Corona crisis, when a large number of people have lost their jobs and their income has decreased, then it is absolutely illegal for the state government to take such a step. If the circle rate increases, then buying a property will become very difficult. If the new rates are implemented, it will prove to be the last nail in the coffin of the property market in the district.
Developers said, this decision is absolutely wrong in the era of Corona
On the proposal to increase the circle rate, Anuj Puri, Chairman, ANAROCK Property Consultants said that preparations are being made to increase the circle rate by 40 percent in the areas adjacent to Noida, Greater Noida and Yamuna Expressway. Along with this, 5 to 12.5 percent surcharge will also be levied in the area adjacent to the metro route and expressway. This decision is being taken at the wrong time. The real estate market of NCR had just started recovering from two or two lockdowns. In such a situation, the impact of circle rate will be very heavy. Corona has hit hard on people’s earnings. If the property market is to accelerate, then circle rate rates will have to be kept low.
Rakesh Yadav, CMD of property developers Antriksh India Group, told ‘Financial Express Online Hindi’ that it will be difficult to fulfill the dream of a cheap house by increasing the circle rate amid the Corona epidemic. At this time home buyers are hoping for relief. In such a situation, this increase will disappoint them. Government officials should have taken inspiration from states like Maharashtra, where property registrations have increased by 270 per cent after the reduction in stamp duty. In the current situation, the government should take such measures to encourage home buyers. This will increase his revenue without increasing the circle rate.
He said that due to the increase in the circle rate, the registry of the property would become expensive. People will have to spend more money as stamp duty. This will increase the cost of buying the house. There may be a decline in the demand for homes which will affect the sentiment of the property market.
The pressure in the property market will also act to slow down the pace of recovery in the economy. This sector works for large-scale employment generation. Therefore, such steps will reduce employment.
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Housing society officials are also opposing the proposed hike in circle rate. Ranjan Samantre, Secretary, Antariksh Golfview-2, Sec-78, Noida, Noida, says that in this era of economic slowdown, the real rates of property purchase and sale in Sector 70-78 of Noida are also The circle rates are much less than the proposed increased rates. In such a situation, if the circle rate is increased, it will not only reach to an unnaturally high level, but to do so will also be beyond reality, illogical and unjust to the middle class families dreaming of buying their own house.
According to Shweta Bharti, general secretary of Home Buyers Association NEFOWA, the real estate market is already submerged, the decision of the district administration to increase the circle rate is not right from anywhere. Where financial relief should be given to the residents of the city facing the double whammy of Corona and inflation. Due to increase in circle rate, unnecessary financial burden will increase on them. There are many such housing projects in the city, in which the builder is not giving possession in time, in such a situation, it is not known when the home buyers will get their house, but due to the increase in the circle rate, their difficulties will definitely increase.