With hi-tech townships, industrial and commercial development coming up at a rapid clip, circle rates are set to go up by in the NCR, says

Even though property prices have not skyrocketed in the NCR in the last 6-10 months, the concerned authorities have a proposal to review the circle rates here. The government of Haryana has already hiked the circle rates by 10-12% in Gurgaon and Faridabad. Now, the government of Uttar Pradesh is also set to hike circle rates in Noida-Greater Noida and Ghaziabad by 10-20%.

The new circle rates have been proposed to bridge the gap between the real estate prices and existing sector rates and the sub-registrar offices have been asked to submit their proposals. It is expected that the new circle rates will be effective from end-July in Noida-Greater Noida and Ghaziabad.

The new circle rates for a hyper-potential zone like Gurgaon have already been tagged in revenue records and already effected. In DLF City Phase 1-4, where the market rate of land ranges between Rs 50,000 and Rs 70,000 per sq yard, the circle rates have been increased from Rs 19,000-21,000 to Rs 21,000-23,000, according to revenue officials.

Revenue officials say that in Sushant Lok’s Phase 1-3 the circle rates now stand revised at Rs 20,000-21,000 as against Rs 18,500-19,000 per sq yard. K P Yadav, assistant stamp commissioner, Ghaziabad, says that after receiving proposals from sub-registrar offices, the district administration will revise the circle rates. The new circle rates are likely to be effective from end-July. According to some reports, the new circle rates in Mehrauli village near NH-24 will be nearly Rs 1 crore per acre. The new rates will be on the basis of distance from the National Highway.

The current circle rates of Bamheta village are Rs 80 lakh to Rs 1crore per acre, while the revised rates are likely to be Rs 90 lakh to 1.1 crore per acre. In revenue oriented villages like Dundaheda, Arthla, Sihani, Nahal, Dhukna, Karhaida, Masuri, Dasna, Akbarpur-Behrampur, Mainapur, and Sadarpur the circle rates are likely to be hiked by 10-20%. Rakesh Yadav of Antriksh Builders says the reason behind circle rate revision is that these villages are near NH-24 and with most of the high-tech townships and developmental projects coming up here land becomes costlier.

Interestingly, there is a likelihood of a steep increase in the circle rates for residential land. The circle rates at Ramprastha, Surya Nagar, Chandra Nagar, Vaishali, Kaushambi, Indirapuram, Vasundhara, Kavinagar, Rajnagar, Nehru Nagar, Brijvihar, Lohia Nagar, Patel Nagar and Rajendra Nagar are also likely to be hiked by 10-20%. Obviously, the demand of residential, industrial and commercial plots plays a big role in pushing the revision in the circle rates.

Lalit Srivastava, chairman of Noida-Greater Noida authority, commenting on the proposed circle rate, says the right implementation of new circle rates is more important in valuing the price index and area development. For securing one’s property, one must pay the stamp duty individually; otherwise, a person can have no legal right to claim that property.

Recently, the district administration and the authority declared a list of defaulters in residential, commercial, institutional, and industrial plots and crores of rupees had to be recovered from these defaulters. Thus, paying stamp duty makes it easier for both sellers and buyers to gain legitimacy over their transactions.

The biggest challenge in selling a property is to make buyers heed more to the legal aspects of the transactions and a little more time and money thus spent on creating solid proof to get their property registered will certainly stand them in good stead — with the authorities!

Courtesy:- TOI dt:- 04-07-09

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