The proposed increase in circle rate is seen as a step towards greater transparency in the administrative system and could also support regional development.
For several years, the circle rate in Noida, Greater Noida, and the Yamuna Expressway region of Uttar Pradesh has remained unchanged. This stagnation has not only led to a loss in potential government revenue but has also caused imbalances in the real estate market.
In response, the local administration is preparing to review and potentially increase the circle rate by 25 percent. This change is expected to have a direct impact on property costs.
Administrative officials have requested a report from the Noida, Greater Noida, and Yamuna Authorities regarding current land allotment and compensation rates for farmers. This report is anticipated within the next few days.
Read More: Greater Noida West’s Real Estate Boom: Why It’s The Hottest Property Market In NCR Right Now
Following its receipt, a crucial meeting will be convened to review the circle rate and draft a new proposal. The aim is to align the circle rate with current market values of land. Experts suggest that this adjustment could boost government revenue and stabilise the property market.
During the revision process, officials will consult with public representatives, landowners, farmers, and real estate developers to gather feedback and address any concerns. This consultation is intended to ensure a balanced and fair decision.
Read More: Bengaluru’s Registered Home Sales Value Jumps 30% Sequentially in June Quarter
Additionally, officials are considering how the proposed changes might affect investors and property buyers, with close attention to potential increases in registration fees and stamp duty, which could raise the costs of buying and selling land. The proposed increase in circle rate is seen as a step towards greater transparency in the administrative system and could also support regional development.
