NOIDA: There will be no increase in circle rates for flats in Noida and Greater Noida this year. The UP stamps and registration department on Monday announced fresh circle rates for Noida and Greater Noida, keeping in view the slump in the real estate sector. The new circles rates will come into effect from August 1.
The decision has come as a huge relief for buyers of projects falling within the 10km radius of the Okhla Bird Sanctuary. However, housing plots and group housing plots in Noida are to get costlier by 5%.
Gautam Budh Nagar DM N P Singh, who has approved the circle rates, after a proposal for the same was tabled by the stamps and registration department, said the decision to keep the circle rates of flats intact has been taken keeping in view the concerns of homebuyers, affected by the Okhla Bird Sanctuary row.
"The real estate sector is already in slump and there are thousands of people who could not buy flats because of high prices. So, we have decided not to hike circle rates in flats category. To encourage small entrepreneurs, we have also not hiked circle rates for industrial plots measuring less than 4,000 metres," Singh said.
Homebuyers and developers have welcomed the decision.
"We have been fighting to get relief on circle rates, as it would have put additional burden on us. We thank the UP government and Gautam Budh Nagar DM for considering our plea," said Amit Gupta, a homebuyer.
"It is a welcome decision as the real estate sector is already reeling under a slump. We hope this decision will push flat sales in Noida," said RK Arora, CMD, Supertech Limited.