Revenue boost: Greater Noida, Noida to augment circle rates
17 Feb 2015 11:22 PM GMT
The announcement to this effect will be made by the department after getting a go-ahead by the district administration in the coming weeks.
The hike will be made in residential, institutional and group housing properties while rates of industrial and commercial properties will remain the same.
Notably, both Noida and Greater Noida authorities have also increased allotment rates up to 20 per cent during their annual budget earlier.
In August 2014, residential circle rates were raised by 10-17 per cent. Commercial circle rates, on the other hand, were raised by two per cent (except in Sectors 18 and 38-A, which saw a 17 per cent hike), institutional circle rates rose by 10 per cent. There are five types of residential sectors as those of both cities were divided into various categories from A to E depending on the development and market value of land.
In 2013, the department had revised rates up to 25 per cent in various categories. The officials of the department said the move was expected after an increase in allotment rates earlier.
The department, after conducting a detailed survey inviting objections and suggestions from the people, will send the proposal to district administration. New rates will be announced once the district magistrate will give a green signal.
“As property rates of other regions are increasing these days, we are going to increase rates in Noida and Greater Noida region. Afetr an increase, rates of residential properties will range between Rs 35,000 and Rs 86,000 per square metre in the city area,” the official said.
The hike will be made in residential, institutional and group housing properties while rates of industrial and commercial properties will remain the same.
Notably, both Noida and Greater Noida authorities have also increased allotment rates up to 20 per cent during their annual budget earlier.
In August 2014, residential circle rates were raised by 10-17 per cent. Commercial circle rates, on the other hand, were raised by two per cent (except in Sectors 18 and 38-A, which saw a 17 per cent hike), institutional circle rates rose by 10 per cent. There are five types of residential sectors as those of both cities were divided into various categories from A to E depending on the development and market value of land.
In 2013, the department had revised rates up to 25 per cent in various categories. The officials of the department said the move was expected after an increase in allotment rates earlier.
The department, after conducting a detailed survey inviting objections and suggestions from the people, will send the proposal to district administration. New rates will be announced once the district magistrate will give a green signal.
“As property rates of other regions are increasing these days, we are going to increase rates in Noida and Greater Noida region. Afetr an increase, rates of residential properties will range between Rs 35,000 and Rs 86,000 per square metre in the city area,” the official said.
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