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Noida Raises Circle Rates
The recent rise of around 40-45% in circle rates for land in Noida can bring down the number of land transactions in the city, thereby crippling the already suffering property sellers there.
Recently, Noida has announced an increase in its own sector rates, which is believed to be the only reason for the hike in circle rates by the district administration, says a revenue department official.
The state does not want to loose on stamp duty payable on land transactions as there are people who try to escape paying a reasonable stamp duty, which is 8% of the total land cost.
Outlined below are the sectors that have witnessed an increase in their circle rates:
| Sectors in Noida |
Previous Circle Rates(in Rs )
|
Present Circle Rates (in Rs)
|
| Sector 12 |
12,000
|
17,000
|
| Sector 15 |
20,000
|
28,000
|
| Sector 15 A |
28,000
|
40,000
|
| Sector 18 |
1.50 Lakh
|
1.65 lakh
|
| Sector 21 |
20,000
|
28,000
|
| Sector 25 |
20,000
|
2,000
|
| Sector 26 |
22,000
|
28,000
|
| Sector 30 |
22,000
|
28,000
|
| Sector 41 |
18,000
|
20,000
|
| Sector 50 |
18,000
|
20,000
|
| Sector 52 |
18,000
|
20,000
|
| Sector 93A |
15000
|
18000
|
The Greater Noida Industrial Development Authority (GNIDA), on Tuesday, announced a new housing scheme.
According to the scheme, the buyer has to apply for a piece of property (say 90 square metre flat) on the form of Rs 1,100 followed by depositing Rs 2 lakh for entering the draw. If the applicant turns out to be a lucky candidate, he/she will have to pay the entire cost of Rs 18.46 lakh in lump sum in three months.
Such a pricing has been done for 264 flats of 90 metres each, 521 of 120 square metres, 733 of 200 square metres and 147 of 250 square metres each.
This housing scheme in Omicron Sector opened today and will close on September 20. The draws will be taken out on November 20.
The Authority will only give a chance to the applicants who want to pay in installments if there will be shortage of those who will pay at one go.
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