[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
Property rates in Noida are expected to go up after the Gautam Budh Nagar administration
proposed to hike existing circle rates by up to 40% and also apply an additional 5%-12.5%
surcharge on properties near the metro route or near the expressway.
The administration, which oversees Noida, Greater Noida and Yamuna authorities, has sought
suggestions and objections from the public following which the new rates will be applicable.
Some sectors of Noida together with
sector 14A, 15A, 44, 19, 47 and 93 A and B have been upgraded resulting in a circle charge
improve of virtually 100%.
“The circle rates were not hiked for two years and the decision to revise the rates has been
taken based on the market conditions,” mentioned a income division official.
The administration has additionally proposed an extra surcharge of 5% on properties on
the metro route and close to the metro stations, 7.5% further surcharge on the sectors
which lie on the each side of the expressway and 12.5% on sectors that are close to each
the metro station and expressway.The determination will improve costs in over 70 housing
“We are just beginning to take steps to get back on track, but the recent move to increase
circle rates in Noida might once again hamper the sector’s growth in the region,” mentioned
Manoj Gaur, CMD at Gaurs Group and vice president-north at CREDAINational. “An increase
in the circle rate at this critical moment will prove detrimental.”
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