Circle Rates of Commercial and Residential Properties Slashed in Noida
The real estate sector of India is still fighting with a slowdown in property sales. Even after the Central Government's scheme of providing affordable homes to every individual by 2022, the real estate market is still facing the slowdown.
There are many pending residential projects in Noida, leaving home buyers with small hope of getting possession of their home soon. Here we are not blaming any real estate developer in Delhi NCR, because there are many trustworthy real estate developers also active in this regions offering luxury residential projects, best construction quality, and most importantly on-time delivery. Tata Value Homes' new residential project Tata Eureka Park Sector 150 Noida is the best example of this.
Now come to the point, the fall in property value has not only hit the real estate developers but also affected the government's revenue figures. To attract prospective buyers to purchase land in the district, Municipal Corporation of Gautam Buddh Nagar has decided to trim down the circle rates of the land.
Municipal Corporation of Gautam Buddh Nagar has proposed dropping the circle rate of commercial plots in Noida by 21.5 percent and waiving the six percent surcharge on residential development in the district.
A draft notification proposing a reduction in circle rates and other charges to give relief to buyers in real estate was issued recently, confirmed by the District Magistrate.
District Magistrate of Gautam Buddha Nagar has also added, Geographically Gautam Buddha Nagar is divided into 4 parts - Noida, Greater Noida, Dadri, and Jewar. And currently all these 4 different parts have their different circle rates and it is very necessary to determine one rate for all places. And the minimum price for a circle rate is fixed once a year, keeping in mind the economic activities happening in the region.
According to the DM, Rs 1500 Crore has already been given to the farmers for the land of Jewar International Airport and further, the government will also give the Rs 3,000 to Rs 4,000 Crore more. And this reduction of circle rate will boost the revenue of the government.
According to the real estate investment expert, with upcoming Jewar International Airport, operational expressways and metro connectivity in different sectors of Noida & Greater Noida, the region is becoming promising for the investors and home seekers.
So, if you are looking for Property in Noida then this is the best news for you and an opportunity too.