Good news for property buyers in Uttar Pradesh, the UP stamps and registration department has directed its officials in all districts to conduct a study and revise the cost of registering properties i.e. circle rate.
The announcement has been made just a day after the Gautam Budh Nagar administration announced steep rebates in Noida and Greater Noida in order to boost real estate investments. So to have the same pace on investments in all other districts of UP, the stamp department decided to take this initiative.
Ministhy S, Inspector general of UP stamps and registration department has thus asked officials of registration department across the state to conduct a similar exercise and eliminate the gap between the market price and circle rates of properties.
SK Singh, assistant commissioner of stamps and registration, Gautam Budh Nagar, said, “the district administration is getting good response from different stakeholders after the rebate in circle rates was announced”. We are open to receive feedback till July 21 from residents, investors, developers, CREDAI, etc. We will analyze and incorporate the feedback and submit them to the government. The revised circle rates will be implemented from August 1.”
According to the revised circle rate, now registering a property in Noida and Greater Noida will cost much less as compared to earlier one. Let say, for group housing, the administration has provided a surcharge on common facilities by up to 9%, while for the commercial category, buyers will get a relief of 15%- 45% depending upon the floor which they need to buy.