In a major relief for homebuyers in Noida and Greater Noida, the Gautam Buddha Nagar district administration has confirmed that circle rates will not be increased in Noida and Greater Noida and has also proposed the abolition of the surcharge for power back-up and lifts, thereby lowering overall fees by 9%. The administration decided to strike a much-needed balance in order to provide relief to homebuyers across multiple real estate segments. A stamp duty rebate will be proposed in 5 zones where there are additional duties imposed on group housing projects according to reports.
Group housing buyers will see 9% of benefits while ITeS and IT sector real estate buyers will profit in case they buy homes between the ground and 3rd floors. 15% of relief has also been proposed for buyers of commercial properties on the ground floor while 10% relief has been proposed for those buying commercial property on the lower ground floor, basements and mezzanine floors. Stamp duty on power back-up and lifts has come down to 0% from 3% previously.
The duty will also come down to 2% from 3% for gymnasiums, community centres/clubs and swimming pools. Total duty will thus come down to 6% as proposed from 15% previously. This will benefit buyers in group housing schemes tremendously. The circle rate is the minimum value at which the property transfer/sale takes place and is worked out by the collector. These are usually notified in the first week of August as per reports. The rates are first proposed by the committee prior to being confirmed and notified. Objections are then sought prior to the rates being finalized.
The proposed rates have already been notified. IT and ITeS buyers will get 20% of relief if they buy homes on the ground floor. First floor buyers will have 50% of rates as compared to 60% earlier. The rates will also come down to 45% from 55% and third floor buyers will pay 40% as compared to 45% earlier. 85% is the rate for ground floor based commercial property buyers. The same rates have been retained in case of mezzanine, lower ground and upper floors. 65% is the rate for the second floor and for the other three categories, the rates may come down to 65% from 75% previously.
These decisions are attributed to the fact that more people are choosing rentals although the departmental revenue is dependent primarily on the purchase and sale of property. In order to spark more buying activity, these rebates have been proposed by the department according to reports. Rates remain unchanged for properties located in Dadri and Jewar. The Jewar airport has been confirmed and transactions in this stretch have increased considerably. The real estate market has steadily revived in Noida with multiple premium projects like ATS Happy Trails, Godrej The Suites and Godrej Golf Links Crest garnering eyeballs among others.