Prospective homebuyers in Gautam Budh Nagar should anticipate allocating additional funds for property acquisitions, as the local administration contemplates raising circle rates in Noida, ending a four-year period without revisions.
Since 2017, circle rates in Noida, Greater Noida, and the surrounding areas have mostly remained stable. However, an upward revision is now deemed necessary due to actions taken by three industrial development authorities. Over the past three years, these entities, namely Noida, Greater Noida, and Yamuna Expressway, have incrementally raised real estate rates. In Uttar Pradesh, the state government mandates a stamp duty equivalent to 7% of the property's assessed value.
During a recent board meeting conducted in the initial fiscal quarter, the land allotment rates across Noida, Greater Noida, and Yamuna Expressway regions were increased by the respective authorities. Specifically, the Noida authority implemented a 20% rate hike for Phase II industrial and institutional sites, encompassing sectors 80, 81, 83, 84, 85, 87, 138, 140, 154, 155, and 158. Simultaneously, GNIDA and YEIDA reported increases of approximately 4.15% and 5%, respectively.
Property Value Sees Continued Appreciation
For two successive years, the Greater Noida Authority has raised real estate rates across all categories. Excluding commercial properties, rates for all other real estate types have experienced a minimum price increase of 20%. Although Noida authorities adjusted circle rates in 2019 for sectors proximal to the Aqua Line and Highways, they refrained from raising rates for non-industrial and non-institutional properties.
In both 2016 and 2020, YEIDA implemented rate increases, each time by 5%. With YEIDA raising rates again by 5%, the value of real estate in villages along the Yamuna Expressway, even those not yet developed or acquired, is expected to keep climbing.
Final Decision Subject to Market Condition Assessment
The three regional magistrates and tehsildars will assess transaction values in diverse locations, scrutinizing potential discrepancies between authority rates and circle rates. Furthermore, an increase in rates could augment the budget allocated for land acquisition, facilitating the execution of additional public projects in Jewar and Dadri.
authority plot near jewar airport
District Judge Suhas L.Yu. clarified that “the decision has not yet been made,” adding, “Circle rates remain unchanged until July 31st. We will finalize the decision after analyzing the market conditions.”
Rakesh Kumar Srivastava, Deputy Inspector General of the District Press and Registration Department, stated, “The final decision in this case will be made by the District magistrate. We share our contributions with administrative officials.”
However, real estate experts caution that any price increase could potentially destabilize the real estate market in the region.
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