NOIDA: To deal with the slump in the real estate market and increase revenue, the Gautam Buddh Nagar district administration has proposed a reduction in the circle rates of commercial property in Noida by 21.5 per cent. Circle rates across other categories of land use in Noida, Greater Noida, Dadri and Jewar have been proposed to be kept unchanged.
Circle rate is the minimum value at which the sale/transfer of property in a particular area takes place. This is revised annually by the district magistrate, and is the rate at which a buyer has to pay stamp duty.
The stamp and registration department has not achieved its revenue targets for the last three consecutive years. The department’s data shows it collected Rs 1,879.03 crore against a target of Rs 2,532.84 crore in 2018-19, achieving 74.19 per cent of the revenue target. This financial year (2019-20), the department has collected Rs 641 crore till June 30, against a target of Rs 2,597 crore.
The administration has also proposed to waive the 2 per cent stamp duty charged from group housing facilities including community centre/club, swimming pool and gymnasium across the board. According to the DM, Gautam Buddh Nagar can be divided into four parts — Noida, Greater Noida, Dadri and Jewar. “At present the entire district has different circle rates. Therefore, there was a need to determine one rate for all places.’’ Singh said. “A committee of the Stamps and Registration department was formed, which studied the circle rates and the gap between them and the market price of land and decided to reduce rates to meet revenue targets.”
Singh further added that circle rates of IT/ITES, institutional and industrial property in the district will also remain unchanged. “The waiver in charges on common facilities in group housing societies will give relief to home buyers while executing registries of their properties.”
Circle Rates to come into effect on August 1
District Magistrate BN Singh issued a provisional notification of the revisions on Wednesday. The GBN administration has sought suggestions, which will be entertained over the next seven days. Once approved, the new circle rates will come into effect on August 1