Good news for flat buyers of Noida/ Greater Noida, as the district administration has announced up to 50% rebates on circle rates due to which now property buyers have to pay less registry charges as compared to earlier applied one. On Wednesday, in a meeting, it was decided that against increasing circle rates there should be a steep cut in order to provide relief to people.
According to District magistrate B N Singh, “We have decided to go for this rebate in order to boost investment in the twin cities. This is the first time the administration has proposed to reduce circle rates in the last six years, although through rebates.” He further said that the revised circle rates will be implemented from August 1.
Properties in the twin cities are classified into six categories – group housing projects, residential, commercial, industrial, institutional and IT. Circle rates differ for each. For group housing, the administration provided a surcharge on common facilities by up to 9%, depending on the facilities. Till now, the applicable charges were 3% each on power backup, lifts, community center/club, swimming pool and gym (15% if all five were offered by a developer). But now, the charges on power backup and lifts have been waived and for the other three components, they have been reduced to 2% each (a maximum of 6% if all five are offered).
Talking about the commercial category, B N Singh told that those who are interested in buying such properties a relief of 15% and 45% will be given depending upon the floor which one needs to buy. For ground floor, a property buyer will get a rebate of 15%, on the other hand, for lower ground, upper ground, mezzanine floors, basement and first floor, it will be 25% and for the second and third floor, it will be 35% and 45% respectively.
“In the institutional segment, the rebates are in the range of 20% to 50%. However, in case of IT and ITeS, we have proposed that a relief of 20% will be given for ground floor buyers. In case of first floor buyers, it will be 50%. For second floor buyers and third floor, it will be 45% and 40% respectively.” added Singh.
Also, the officials made sure that the rebates have been given just to boost investment. On the other hand, the old circle rates still remain in force.