Move to raise circle rates in Noida, Yamuna e-way areas by 15-25 pc

The Gautam Budh Nagar administration on Wednesday proposed a 15to 25 per cent increase in circle rates in Noida and Yamuna Expressway areas. The circle rates for Greater Noida, however, will not be increased.

Since 2013, circle rates are increased every year from August 1.

The administration has invited suggestions and objections from the public till July 25. The new rates will come into effect from August 1.

In Noida and Yamuna Expressway areas, circle rates for institutional property are proposed to be hiked up to 25 per cent. For residential property, it will be hiked by up to 15 per cent.

NP Singh, District Magistrate of Gautam Budh Nagar, said, “We have proposed a hike in circle rates in proportion to a hike in land allotment rate done by the Noida and Yamuna Expressway authorities this year”.

The Ghaziabad administration too has proposed a 1to 9 per cent hike in circle rates of residential property in view of the slump in realty sector. The rates in Raj Nagar will be hiked from Rs51,000 per sqm to Rs55,000 per sqm. A hike of Rs500-Rs 1,000 will be effected in Kavi Nagar, Gandhi Nagar, Vasundhara, Vaishali, Indirapuram, Nehru Nagar and other residential areas.

Reacting to the proposal, Anil Mithas, CMD of Unnati Group, said, “Realty is witnessing liquidity crisis because property sales have dropped. A circle rate hike will further discourage buyers. It should be avoided”.