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India- Commercial and residential properties to become cheaper in Noida
Menafn.com  |  July 26, 2019

MENAFN - KNN India Noida

The Uttar Pradesh government has slashed circle rates of commercial as well as residential properties to reverse the slowdown in real estate across Noida.

 

The move will affect registry rates on housing properties across Noida, Greater Noida, Dadri and Jewar, will also mobilize those homebuyers who were waiting to invest ever since the demonetization in 2016, they said.

 

The Gautam Buddh Nagar administration has proposed slashing the circle rate of commercial plots in Noida by 21.5 per cent and waiving the six per cent surcharge on housing projects in the district.

 

District Magistrate BN Singh said that the decision was taken by the state administration to check revenue loss and encourage people to buy more properties in the region.

 

The 25 per cent surcharge on shopping malls has already been removed. The state is also going to take requisite steps to reduce the floor price of 21 per cent in all commercial projects in Noida, said Singh.

 

He asserted that there has been a considerable decrease in revenues over the past few years. This is because of increasing circle rates our targets of commercial areas were not met. We have thus decided to slash the circle rates," he said.

 

He said, "In the last four years, the large units have remained unsold and people are only buying a few small shops.

 

On compensation to farmers for the construction of Jewar Airport, he said about Rs 15,000 crore has already been given. The state government will pay an additional Rs 3,000 to Rs 4,000 crore to compensate the farmers, said Singh.