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The recent cut down in the circle rate of commercial plots in Noida and the abstraction of surcharge on housing properties in Gautam Buddh Nagar will ease the financial burden on the homebuyers as it will reduce the property registration the developers said.

The Gautam Buddh Nagar administration proposed to bring down the circle rate of commercial plots in Noida by 21.5% and deduction of surcharge by 6% on housing projects under its jurisdiction.

On 24th July, Brajesh Narain Singh, district collector issued a notification that suggested the reduction in circle rates and other charges, to offer relaxation to the property buyers. The deducted rates will reflect on the property registration cost in Noida, Greater Noida, Dadri and Jewar. The developers said that this will push the homebuyers to invest in these areas.

Prashant Tiwari, chairperson of Prateek Group and president of CREDAI Western Uttar Pradesh said that it is a good move. Although the circle rate of the district is still unchanged, it is the first time in recent years when Gautam Budh Nagar reduced the surcharge on common facilities of group housing, which will bring down the burden of property registry on home buyers.

Tiwari further said that the district levied a surcharge for offering luxury facilities or amenities provided in housing societies at the time property registration. He also informed that in the first of its kind action, power backup and lifts are omitted from the list of luxury facilities and is now termed as common and essential parts of societies.

This will mobilize those homebuyers who were in a ‘wait and watch’ mode, after the demonetization in 2016 Tiwari said.

A leading developer said that the commercial properties will get benefit by the cut down on surcharge by 25% on malls-enabled with centralized air-conditioners and escalators. Also, this will help the buyers to secure their investment, the builder will get the money to pay the authority and revenue will increase the developer said.