The recent proposal of sheer rebates in circle rates across categories is quite relaxing and also a welcome move by the Gautam Budh Nagar Administration. The rebate on circle rates has been brought to the table to boost the investment in realty sector of twin cities- Noida and Greater Noida. The decision to keep circle rates unchanged by the authority in both the cities is encouraging which will further lead to foster the demand and also clear up the inventories.
The fluctuation in the surcharge rates and reduction in stamp duty and registration charges are the major influencing factors which will evolve the prevailing market situation. Without touching the circle rates, the administration has given relaxation on common facilities in group housing projects and reduction in rateable value in commercial properties and also reduced the cost of registering commercial and institutional properties.
Prior, the surcharges on common facilities such as gymnasium, lift, power backup, swimming pool and community center was 15%, from which surcharges on lift and power back is eliminated and reduced on other three services from 3% to 2%. This will directly reduce the final cost of the property.