Want to buy property in Noida region? Alert! Prices slashed starting today; Yogi government cuts these rates massively
These decisions are likely to accelerate the commercial and industrial activities in Noida, Greater Noida and Yamuna Authority area.
If you are planning to buy a residential or commercial property in Noida and Greater Noida, the time is right now, as you would be able to purchase property at affordable rates today onwards. This possibility is actually happening in the wake of recession hitting the real estate sector for the past several years. Since this has also caused a loss of revenue to Uttar Pradesh government. Keeping all this in mind, CM Yogi Adityanath government has decided to reduce circle rates. These decisions are likely to accelerate the commercial and industrial activities in Noida, Greater Noida and Yamuna Authority area.
The key decision
Under the new decision, the state government has abolished 6% surcharge in group housing and 25% in the commercial properties, besides reducing the circle rates of the commercial property by 21%. In Noida shopping malls, 6% surcharges levied on escalators and ACs have also been removed.
The new rates are effective from today onwards i.e 1st August. It is expected that with the latest decision of reduction in circle rate, investment in the Noida-Greater Noida real estate sector will get a boost, and enhance the government revenue.
Suggestions made by July 31
According to Gautam Buddha Nagar (Noida) District Magistrate BN Singh, suggestions for reducing the circle rates were sought by July 31, and the process has been completed. Now, the new circle rates will be effective from August 1, and the commercial property in Noida will be available at a reduced circle rate of 21%. Singh said that 6% surcharge levied on escalators and ACs at Noida's shopping malls have also been removed, adding that there would be no increase in Circle rates in Greater Noida, Jewel and Dadri.
Watch Zee Business Live TV
The move will boost investment in Noida
The state government's key purpose is to reinvigorate the realty business and to provide land for industries at affordable rates. The UP government has decided to reduce the circle rates for the development of industrial activities in Gautam Buddha Nagar, with a view to promote more and more commercial projects in the region.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.