Property buyers in Noida and Greater Noida are set to face a financial shock as the district administration has decided to increase the circle rates after nearly a decade. Circle rates are the minimum property prices decided by the government for property registration, and they directly impact the overall cost of buying a home. This is the first time in 9 years that these rates are being revised.
Flats in Greater Noida May Become 30% Costlier
As per the proposal, flats in Greater Noida and Greater Noida West are expected to see a 30% hike in circle rates. On the other hand, condominiums in Noida are likely to experience a 20% increase. The administration has taken this step after detailed discussions with builders, residents, and property stakeholders.
Many homebuyers had submitted objections, especially those already under financial stress, requesting that current rates be maintained at least for existing registrations. Despite this, the administration decided to go ahead with the hike.
Final Decision Expected Soon
The draft for the revised circle rates was shared last month, and the public was asked to submit objections till 5th April. The District Magistrate then asked departments like the forest department to conduct further studies before the final decision.
According to sources, most of the concerned departments have now submitted their reports. The remaining are expected to respond shortly. Once all reports are received, the final approval and notification will be issued.
Likely Implementation Date: April 20
Officials have indicated that the new circle rates will be implemented starting April 20. These changes will apply not only to residential flats but also to commercial, industrial, IT, and agricultural lands. The hike will vary from 15% to 70%, depending on location and category of land use.
Societies located within 500 meters of metro lines will also face an additional location charge, ranging from 5% to 12.5%, added to the base circle rate.
Why Circle Rate Hike Was Necessary
With property prices in Noida and Greater Noida going up significantly over the last few years, officials say this revision was necessary. It also helps in ensuring better compensation to farmers whose land is being acquired for development projects. The higher circle rates will now bring government valuations closer to market prices.
