The Gautam Buddh Nagar district 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.
A draft notification recommending reduction in circle rates and other charges to provide relief to property buyers was issued on Wednesday, said District Magistrate Brajesh Narain Singh.
The proposal to reduce the circle rates and other charges is expected to be implemented by the first week of August.
The draft notification has fixed July 31 as the last date for filing objections to the proposal after which they will be considered and the proposal would be given a formal go-ahead in the first week of August, he said.
It is for the first time that circle rate is being reduced in an NCR district adjoining the national capital, he added.
The surcharge of six per cent will no longer be imposed on group housing projects across Noida, Greater Noida, Dadri and Jewar. The circle rate on commercial properties in Noida too has been reduced by 21.5 per cent, said the district magistrate.
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An additional 25 per cent surcharge that was being imposed on shopping malls in Noida due to the use of escalators and central air conditioners will also be waived, he said.
The Gautam Buddh Nagar district is divided into four zones -- Noida, Greater Noida, Dadri and Jewar and the law mandates a district magistrate to revise circle rates once a year considering market situations.
"With Jewar airport and Peripheral Expressway coming up and the Metro Rail already in service, the area is becoming promising and hence we have decided not to change the circle rates (of property in those areas)," he added.
"This would boost the property transactions and ultimately the stamp duty (revenue) for the government. We are very positive about the growth in the region," said Singh.
According to officials, circle rates in Noida have not been revised since 2015 and no single-unit commercial plot has been sold by the Noida Authority in last four years.
A two per cent surcharge each for community centre/clubs, swimming pool and gym is imposed on group housing societies, totalling six per cent, which will now be abolished, another official explained.
This move will benefit people in registration of the property, both in group housing societies and in commercial projects, he said.
Noida city has various circle rates depending on location and as decided by the Noida Authority and the reduction in circle rate for commercial plots will depend on those rates, the official said.