Steep Rebates In Circle Rates To Boost Investment In Noida & Greater Noida
District magistrate announced steep rebates in circle rates across categories to boost investment in the twin cities where the real estate market is in a prolonged slump with flat deliveries running years behind schedule and commercial properties witnessing tepid demand. The slowdown has also affected the government’s revenues of the Rs 2,522 crore is expected to mop up in 2017- 18, collections accounted for only around 67%.
The cost of registering commercial and institutional properties shops and office spaces, for instance in Noida and Greater Noida will decrease by up to 50%. There is a relief as well for investors in the group housing societies as registering flats will also see a significant decrease because of surcharges being reduced on common facilities.
This is the first time the administration has proposed to reduce circle rates, albeit through rebates, in the last six years. The administration has invited feedback from stakeholders for 10 days after it will send its report to the government. The revised rates will be implemented from August 1.
Circle rate is the minimum value at which sale or transfer of property takes place. No rebates have been announced for the residential and industrial categories.
District magistrate said we have excluded power backup and lifts from circle rate calculation since they are integral parts of a highrise society.
ADM (finance) said the reduction was in the form of rebates and not a slash in circle rates. The rebates have been given to boost investment. Circle rates have not been reduced. The existing circle rates remain in force, he said.
Source Link- https://timesofindia.indiatimes.com/