NOIDA: Gautam Budh Nagar, a largely suburban district of Uttar Pradesh state, where last year the circle rates were increased by 14% but except the flats. Well, this year the Government decided to remain the circle rates same which brings relief to the real estate sector. As the real estate sector still has the after effects of Demonetization.
When the report of Jewar airport was announced, the revenues supposed to be increased by the administration as the number of properties registered in the April-June quarter was less in number this year.
Last year the number of registries was 36,090 in April-June in 2016 and the registries in April-June in 2017 is 27,073 which makes the difference of 9,017.
The circle rates are applicable for commercial and non-commercial categories as well which will come into operation from 1st August, 2017.
Due to slow down in the market, the committee received nine objections from the investors and builders to reduce the circle rates.
District magistrate B.N Singh said, that the circle rates will remain the same. However, there will be hiking in the same purchase of property by incentivize process.
The decision came as good news for people who want to buy properties, decision made them relieved. The sale and purchase of the properties are expected to rise up after the declaration of no hike in circle rates. People who want to buy homes would have faced discouragement and problems if the circle rates have been increased.