Noida: While the district administration has increased circle rates across Gautam Buddh Nagar district, there is strong opposition from residential as well as industrial associations who have demanded a roll back of the decision. The Federation of Noida Residents Welfare Association (FONRWA) has written a letter to district magistrate, to register their protest against the decision.
The GB Nagar district administration has hiked circle rates across Noida, Greater Noida and Yamuna Expressway areas after four years by at least 5 percent. This will add on to the Uttar Pradesh Government charges of 7 per cent of the property value as stamp duty, thus affecting thousands of home buyers who are waiting for the registry of their flats. Even the property prices for fresh home seekers are expected to go up.
As per a senior administrative Officer, the circle rates across GB Nagar district have remained unchanged since 2017 but owing to the increased land allotment rates in various areas, the administration decided to increase the circle rates. The administration has considered location value and change in category to be a major reason for the hike in circle rates.
"Owing to the existing market situation, teams have analysed the real estate market and have decided to increase the circle rates. The concerned authorities have been directed to track the market situation and submit their opinions," said Prasunn Dwiwedi, sub-divisional magistrate (SDM), GB Nagar.
Meanwhile, the residents association have said that there has been a slump in real-estate market due to Covid pandemic.