Even as the Stamp and Registration Department has proposed a steep increase in circle rates in Noida and Greater Noida, it has exempted Noida's residential properties from the revised circle rates as it had already been increased last year. The increase in circle rates will only be applicable on commercial and industrial units. However, the benefit will not be extended to the residential units in Greater Noida.
If allowed, the decision will benefit scores of residential plot buyers in Noida, who would be spared from spending additional amount on circle rates for getting registration of the properties done. Excluding residential areas, the department has decided to increase circle rates from 20 to 35 per cent of the existing allotment rate for all types of land. "The circle rates will witness a rise of eight to 12 per cent of the existing circle rates, but if we calculate the hike as per the authority's allotment rates, then it will around 20 to 35 per cent," said Sushil Kumar Singh, Assistant Inspector General (AIG) of Stamp and Registration Department, Gautam Budh Nagar.
It may be recalled that the allotment rates for group housing and institutional properties have been increased up to 15 per cent, for commercial and industrial land allotment rates have been increased by 30 per cent and 11.25 per cent respectively by the Noida Authority in its last board meeting. The Greater Noida Authority increased allotment rates for land across all categories, except industrial, uniformly by 8.53 per cent. Meanwhile, the Yamuna Expressway Authority upped its allotment rates up to 15 per cent. Earlier, the department was supposed to implement the raise from July 20, but now it is likely to be effective in the entire region from August 1.