The district administration in Noida has decided not to hike circle rates of properties in the city, which fall under three authorities. The decision is indicative of the current scenario as far as the real estate market is concerned. The real estate market in Noida is still facing a slump attributed majorly to the effects of demonetization. The circle rate is basically the minimum value at which transfer/sale of property takes place. The properties located in Noida are classified as per five divisions, namely commercial, residential, institutional, industrial and IT.
The rates also vary depending on the sector in question. The circle rates are reviewed by the district administration and then revised as per the rates that are submitted by development authorities. B N Singh, the district magistrate, has stated that the administration has decided not to hike circle rates in all the areas that are under Noida Authority, YEIDA and GNIDA. He added that a final decision would be taken after feedback from builders, residents and all other stakeholders was analyzed and reviewed.
The district administration has already asked for feedback from people on this decision by the 25th of July, 2017. Officials will be analyzing this feedback and there may be a few changes incorporated in the implementation which is due for the 1st of August, 2017. District officials have stated that people can submit their feedback at offices of sub-divisional magistrates, registrars and tehsildars. According to the assistant commissioner (stamp and registration), Noida, S K Singh, the real estate industry has been facing a recessionary period for quite some time in the city.
He talked of how the administration will not hike circle rates since this will benefit people. However, the circle rates may be increased for Jewar since the Government has already sanctioned the development of an airport in the locality. Developers and residents of Noida have welcomed this move by the district administration, stating that circle rates for properties already exceeded market rates in particular sectors and any such increase at this juncture would have a negative effect.