To add more thrust to the commercial real estate, the Gautam Budh Nagar district administration has cut down commercial circle rates with effect from August 8 in Noida. As per the plan, the rates are now reduced to 21% for floor-wise commercial property and 21.5% for independent commercial property.
In 1997, the UP Stamp (Valuation and Property) Rules came into effect and since then the rates were the same. Seeing the degrading commercial sector, the administration has decided to take this step for the first time in the city.
Giving more information on the same, BN Singh, DM Gautam Budh Nagar said, “Seeing the continuing stagnation in the commercial segment especially the larger ones, we have proposed to cut the circle rates. To stop any kind of objection, we have cut the rates to a realistic number.”
According to the new circle rates, highly price commercial properties in sectors like 18 and 38 A will see a reduction of Rs 4.5 lakh to Rs 3.55 lakh per sq m for shops, from Rs 3.52 lakh to Rs 2.78 lakh for office space and Rs 3.45 lakh to Rs 2.72 lakh for warehouses.
Recently, the district administration has also relinquished 25% surcharge for malls and 6% surcharge for group housing societies — 2% each for club, swimming pool, and gym across Noida.
Another senior official from the district administration hoped that this rate cut will provide a major relief to the investors and homebuyers in Noida as from now onwards they have to pay less for registration and stamp duty.
However, the announcement of the waived off surcharge is only for Noida malls and not for other located in Greater Noida or other adjacent areas.
The administration has not announced any changes in the circle rates in regions like Dadri, Jewar and Greater Noida. On asking the reason, BN Singh said that the proposed Jewar Airport has already boosted the realty market of these areas and has been attracting many leading commercial and residential developers here. So, at present, there is no need to reduce rates.