A good news for people who are willing to buy property in Noida; a bad news for people who are willing to invest in real estate in Noida.
Like every coin has two sides, this news also has two perspectives. One, it is good news for people who are willing to buy property in Noida; second, it is a bad news for people who are willing to invest in real estate in Noida. According to a report in Times of India, Noida district administration has taken a decision against increasing the circle rates of property under the three authorities. Reportedly, the decision by administration reflects the situation on the ground because the real estate sector is in recession in Noida. The fallout is believed to be due to demonetisation move by the Narendra Modi government.
For readers information, do know that the circle rate is the minimum value at which the sale or transfer of property can take place. The circle rates may vary depending on the sector. At present, the properties in Noida are classified into five categories -residential, commercial, industrial, institutional and IT.
Noida district administration reviews and may revise circle rates in accordance with the rates submitted by the development authorities. Now, as Noida authority has said no to increase in circle rates hence people who are willing to buy homes are happier. On the other hand, it is a setback for the people who invest in property just to earn profits. “The administration has decided against hiking the circle rates in all areas under Noida Authority, GNIDA and YEIDA,” District Magistrate B N Singh said.
The final implementation of this decision by Noida authority will take place on August 1. The district administration has invited feedback from people regarding the move by July 25. According to TOI, the officials will analyse the feedback and may incorporate minor changes before its implementation.