Noida News: The proposed draft includes a new change. For group housing societies located within 500 meters of a metro line, the circle rate for flats will increase by an extra 5 to 12.5 percent.
Buyers of flats in Gautam Buddh Nagar, Uttar Pradesh, which borders Delhi, are about to face an extra financial burden. The district administration has released a draft with higher circle rates, which will make flat registration 20-30% more expensive.
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Proposed Hike in Circle Rates
According to the draft, the circle rate in Noida may increase by 20%, and in Greater Noida, it could rise by 30%. The last date to raise objections to this proposal is set for April 5.
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New Change for Flats Near Metro Lines
A new change has also been introduced in the draft. For group housing societies located within 500 meters of a metro line, the circle rate for flats will increase by an extra 5% to 12.5%. This is being added as a "Location Charge," which is a new factor in determining circle rates.
Increase After 9 Years and New 'Location Charge'
This increase is happening after 9 years, and the 'Location Charge' is being added to the circle rate for the first time.
Reason Behind the Hike
The district administration has explained that the decision is based on the rising property prices in Noida, Greater Noida, and the Yamuna Expressway, as well as the impact of the upcoming Noida International Airport in Jewar.
Impact on Buyers
This hike will increase the cost of stamp duty and registration fees for flat buyers, raising concerns among them. The final decision will be made based on the objections received from the public. If implemented, this proposal will increase the cost of property transactions in Gautam Buddh Nagar.
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