The Gautam Budh Nagar administration decided to retain the circle rates for the current fiscal. However, the circle rates in Jewar might be increased later due to the expected sale of properties in the region in the backdrop of the upcoming airport project.
The decision was taken after three meetings among the departments concerned. Officials reviewed the survey results of realty sector and found that the revenue generated was ‘not impressive’.
The circle rates will come into effect from August 1.
“Sale and purchase of lands in the district have decreased, following which this decision to not increasing circle rates has been taken. Our main aim is to increase the revenue generated,” said BN Singh, district magistrate.
A target of Rs2,522.84 crore has been set for 2017/18. In 2016/17, only around 75% of the Rs2,223.6 crore target could be achieved.
| “The administration had invited suggestions and objections from the public till July 25. Nine objections were received by the administration. We went through all the objections before taking the decision,” Singh said. |
SK Jain, assistant inspector general, “All the three authorities decided not to increase the circle rates due to the recession in the realty sector. Since 2012, there has been no increase in the circle rate of flats.”
The decision to not increase circle rates will benefit homebuyers but not the developers, Jain said.
Residents welcomed the decision. “It is a good message for those who want to buy houses. We are expecting that the sales and purchase of properties will go up after this decision. If circle rates would have been increased, it would have discouraged those who wanted to invest or buy homes. After the demonetisation, the real estate business is going through a difficult phase,” Suresh Tiwari, senior vice-president of the Federation of Noida Resident Welfare Association, said.
The Central government has given its approval for an international airport in Jewar of Greater Noida. Keeping in mind the upcoming airport, it is expected that real estate developers will invest heavily in Jewar and neighbouring areas. The airport project is expected to positively affect property prices.
