Noida circle rates to be slashed, buying property set to become cheaper; Greater Noida, Dadri and Jewar property prices

The realty sector of India is battling to cope with a slowdown in sales. Even after the government's goal providing affordable housing to every individual by 2022, the real-estate market is not booming at all. There are a number of pending projects in Delhi-NCR, leaving buyers with a little hope of getting possessions soon. The fall in the prices of properties has not only hit the builders but also affected government's revenue figures. In order to attract people to buy land in the district, Municipal Corporation of Gautam Buddh Nagar has decided to reduce the circle rates of the land.

District Magistrate, Gautam Buddh Nagar Nagar, BN Singh said that the administration has decided to reduce the circle rates of land in the district. Lowering the circle rate will reduce the cost of commercial and residential plots further. This new decision by the administration will benefit the new home buyers too.

''Gautam Buddha Nagar can be divided into four parts- Noida, Greater Noida, Dadri and Jewar. At present the entire Gautam Buddha Nagar has different circle rates. Therefore, there was a need to determine one rate for all places.'' Singh said. 

Singh also said that to develop industrial areas in Uttar Pradesh, the government is planning to cut the circle rates so that more and more commercial projects can be set up in Gautam Budh Nagar.

He revealed that the minimum price for a circle rate is determined once a year, keeping in mind the economic activities happening in the district. He also said that the revenue of the district has decreased considerably last year. 

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DM said that Rs 1,500 crore rupees have already been given to the farmers for Jewar Airport. Further the government will also pay the Rs 3,000 to Rs 4,000 crore more. The circle rate will be reduced to increase the revenue of the government, he added. 

Singh said that the 6% surcharge being imposed on the properties has been removed and no further increase in the circle rate will be done. Due to the increasing circle rates, the targets of commercial areas were not completed. There is not even a single plot, sold in the last four years in the authority. The large units have remained unsold and people are only buying few small shops. 

The 25% surcharge on the malls is already removed and the government is also going to reduce floor vice of 21% in all the commercial projects in Noida.