Property rates in Greater Noida are set to go up as the Registry and Stamp Department of Gautam Budh Nagar has announced to increase circle rates by 10 to 60 per cent from August 1. The announcement to this effect was made by the department after getting a go-ahead from the district administration this week. The hike has been announced in residential, institutional, group housing and village properties.
However, to attract commercial activities and industrialists, no hike has been made in commercial and industrial properties. In April, Greater Noida Authority had increased the allotment rates which further led to a hike in circle rates too.
According to officials, the hike has been made on the basis of the areas instead of category of property. Although it is between 10 per cent and 60 per cent, the average hike is between 10 and 20 per cent. Properties in rural areas have been increased by 60 per cent, which is the highest ever in this belt. However, circle rates of some villages come under urban category and those which circle rates are already high, have been raised to just 20 per cent. Revision of rates has also been announced in Yamuna Authority area.
SN Rai, Assistant Inspector General (AIG) of the department, said that the move was expected after increase in the allotment rates earlier. The department has got clearance from district administration to its proposal in this regard. The new rates will be effected from next month, he added. “The circle rates in Greater Noida have been revised as property rates of other regions have been increased sharply. The move will help in generating more revenue,” said Rai.