NOIDA: The district administration is set to announce in two days its first circle rate revision in nearly a decade.
It was earlier this year that the administration proposed a substantial increase across various property categories. The most notable changes included a 30% hike for flats in Greater Noida and Greater Noida West, while Noida’s condominiums are faced with a 20% increase. The decision, according to officials, followed multiple consultations with stakeholders.
Feedback from residents were also considered. Homebuyers, who submitted the majority of objections, urged the administration to retain existing rates for ongoing registrations, citing financial stress. However, they did not attend the public hearing of theses objections, held at the collectorate in Surajpur on April 7. “We are in the final stages of preparing the updated list. It will be declared over the next two days,” DM Manish Verma told TOI. tnn
Sources suggested that any reduction in the proposed rates was unlikely. “While most rates are being retained as proposed, the administration may consider a revision in a few villages where objections were supported by local SDMs. These changes, however, will be marginal,” said a senior official in the stamp department.
According to officials, the new rates — hiked after a gap of nine years — are likely to come into effect by April 20. Authorities have increased rates across all land categories, including residential, commercial, industrial, IT, and agricultural properties. The hike ranges from 15% to 70%, depending on the location and land use.
Officials said the revision of circle rates was needed in keeping with rising property prices and to ensure a higher compensation for farmers whose land is being acquired for development projects.
