Noida might restrict circle rate hike only to premium locations

noida circle rates hikesIn an indicator to consolidate the protests surfaced by the decision to implement the new circle rates in Noida, the authority has implied that the hike won’t be affecting the mid-housing homes and the rates would be restricted only to the premium locations of the city. Noida Authority had revised the new circle rates for the financial year on the month of June. The whopping 14.19 percent hike in Noida has received mass protests from residents from Noida Extension.

Pouring ice over the issue, District Magistrate NP Singh said that the new hike would not be affecting more than 5% of the new registrations in the posh localities. He said that there is a need to revise the circle rates, but the housing for middle class and lower class will be excluded from the list as the authority doesn’t want to impose additional burden for the buyers. Protests from home buyers as well as builders had put the authority under severe pressure.

Also Read | All you need to know about circle rates

As per the draft proposal, the circle rates for commercial and residential properties have been hiked by 14.19 percent. The stamp and registration department has also opinioned in lines of the magistrate that only 5 percent of the locations in Noida will be affected by the new circle rates. The rate might be implemented from August 1. The flat owners association in Noida Extension has been informed that the group housing projects in their areas have been excluded from the circle rate hike.


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