Noida's First Circle Rate Update in a Decade
Noida is about to see its first circle rate update in almost ten years, marking a big change in the real estate scene. This shift is driven by big jumps in property prices in the area.
Major Updates
- 30% Increase for Greater Noida and West: Residential flats in these regions will see a significant rise, showing the growing demand because of new infrastructure developments.
- 20% Increase for Noida Condominiums: Upscale areas in Noida will see a moderate rise, matching market trends and the effects of major projects like the Noida International Airport.
- Impact on Agricultural Land: Jewar, a key area for the airport and related projects, will see a 70% increase in agricultural land circle rates, while Greater Noida sees a 50% rise.
Why the Update?
The update aims to bring circle rates in line with today's market values, which have surged due to infrastructure developments and demand. Also, the government wants to normalize rates that have stayed the same since 2016. This change will likely raise property acquisition costs for buyers but also fits with efforts to boost revenue through stamp duty and registration fees.
Effects for Buyers
While the increase may cause short-term issues for buyers, especially those waiting for delayed projects, it reflects the dynamic growth in Noida and Greater Noida's real estate market. Despite worries, the update could stabilize property valuations and promote transparency in transactions.