Buying property in Noida real estate market is going to be costly as circle rates of Noida has been increased by 5%-10%. Putting a direct impact on the registration of property in Noida, it will lead to a significant increase in the property prices in Noida real estate market. However, according to the various sources, the increase in circle rates is not uniform across the city.
Here are the highlights :
1. In terms of circle rates of residential properties in Noida, the highest growth has occurred for Residential Properties in Jaypee Greens – from Rs. 35000/ sq.m. to Rs.47,000/sq.mt. i.e. an increase of Rs. 12,000/sq. mt.
2. In terms of circle rates of commercial properties in Noida, the same has occurred for commercial properties in Sector Alpha Commercial Belt.
3. The highest circle rates are of Sector 15A and Sector 44 Noida – Rs 90,500/sq.mtr. The earlier circle rate was Rs 86,000/sq m for ‘category A’ property.
4. Hike of 10% in the average rate of agricultural property and significant increase in the prices of Multi-storeyed and group housing buildings in Noida and Greater Noida have also been witnessed.
5. According to home buyers, the builders are already charging huge amount at the name of increase in the circle rates and other facilities like lifts, swimming pool, security, etc.
6. However according to officials the fee on charges for such facilities in Noida has been reduced from 25% to 15%. In Greater Noida it has been reduced from 12% to 10%.
7. In case of high rise buildings there was a relief of 5% for floors starting from the third floor and above, going up to a maximum of 20%, now it has been reduced from 5% to 2% and is now applicable to floors starting from the fifth and above, while the maximum relief remains 20%.
8. There has been no increase in the circle rates for industrial plots measuring up to 4,000 sq m. For plots above 4,000 sq m, the allotment rate and the lease rent would be added to arrive at the circle rate. But if the prevalent circle rate is higher, then that would be applicable, district officials said.
9. The developed sectors in Greater Noida, such as Alpha, Beta, Deltam and Gamma have seen an increase of Rs 1,000 per square metre. The undeveloped sectors have been left untouched.