Circle rates of commercial and residential properties come down in GB Nagar

G B Nagar: In a bid to provide much needed boost to the ailing realty sector, the Gautam Buddh Nagar district administration, on Wednesday, decided to slash the circle rates of commercial as well as residential properties in the district. Officials said that the move will not only help in curbing the revenue loss to the state but will also attract more commercial projects in Gautam Budh Nagar.

District Magistrate, Gautam Buddh Nagar, B N Singh said that the circle rates have been revised after a study was done based on the difference between considerable rate and circle rates.

"The minimum price for a circle rate is determined once a year, keeping in mind the economic activities happening in the district. There has been a considerable decrease in the revenue of the district in past couple of years and due to the increasing circle rates, the targets of commercial areas were not completed. We have decided to slash the circle rates over property while we will also invite comments from the public and the decision would be affective after the official notification," said Singh.

The officer further informed that 6% surcharge being imposed on the properties has been removed and no further increase in the circle rate will be done. He also said that the 25% surcharge on the malls is already removed and the government is also going to reduce floor vice of 21% in all the commercial projects in Noida.

Singh further said that the economic activities in the district have witnessed a slight increase with the upcoming Jewar International Airport which is at prime focus of the government.

"Keeping in mind the development of the upcoming International Airport at Jewar in Greater Noida which is also expected to bloom economic activities in the district, the government has already paid nearly Rs 1,500 crore rupees to the farmers, lands of those have been acquired for Jewar Airport. The government will also pay the Rs 3,000 to Rs 4,000 crore in next couple of months," added Singh.

The circle rate will be reduced to increase the revenue of the government and will also benefit group housing societies and to those investors who are planning to buy a property in the district, he added.