Noida circle rate cut: Builders hail government, expect rise in house, commercial property sale
Noida circle rate slashed: This is 2nd-time administration reduced the circle rate in the form of a surcharge. If all goes well as proposed, then housing and commercial property buyers will get relief.
Noida circle rate slash: After 4 per cent circle rate cut last year and further 6 per cent reduction in circle rates this year, potential homebuyers in Noida will get big relief as house property rates have become 10 per cent cheaper. After Noida Authority's decision a rise in home sales is bound to happen in the region, say industry insiders. The Authority has slashed circle rates by 21 per cent in the commercial real estate properties in the region as well, which may spurt people to have their own commercial property rather than leasing.
Speaking on the Noida circle rate cut Suresh Garg, CMD, Nirala World said, “It is a very positive step towards registration of property in Gautam Budh Nagar. Since 2016, we were recommending to cut down the circle rate. This is 2nd time administration reduced the circle rate in the form of a surcharge. If all goes well as proposed then commercial property to get relief of 1/4th. Last year administration had reduced surcharge 4 per cent in housing segment and this year 6 per cent has been proposed to sweep away. So in 2 years, time housing property became 10 per cent more affordable for house owners. Property transactions are expected to take a jump and definitely revenue generation for the state.”
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Dinesh Jain, MD, Exotica Housing said, “Club, swimming pool, power back and gym are the most common essential amenities but not luxury for a housing society and reduction in surcharge is a good step. After a cut of 6 per cent, only stamp duty will be applicable i.e 5 per cent so registry charges of the property will come down without any change in circle rate. It is good for the property market in the coming months and this can fuel supply of ready to move in the market too."
On 21 per cent circle rate cut in commercial properties Saurav Paruthi- MD, Param Homes says, “21 per cent cut is a huge boost for commercial properties in Noida. Property prices are quite competitive due to limited launch and this move will make commercial property affordable. Buyers and investors will get the benefit of reduction in circle rate and prefer to own property rather than leasing. Adding Gr Noida could have brought better prospects for revenue.”