Surcharges on the registry to be reduced; low downs the burden on Builders

The expected reduction in the circle rate of commercial plots in Noida and the eradication of surcharge on housing properties across GautamBuddh Nagar will surely bring down the burden of property registry on buyers and the builders. This will affect registry rates on housing properties across Noida, Greater Noida, Dadri, and Jewar, which will also catalyze those buyers who were waiting for good investment ever since the demonetization in 2016.

District Magistrate BN Singh explained on Wednesday that the decision was taken by the state administration so as to curb revenue loss and encourage people to buy more properties in the region. There has been a considerable decrease in revenues over the past few years and thus the authority decided to slash the circle rates. In the last four years, it was observed that many of the commercial plots in GautamBuddh Nagar were unsold. It was seen that the large units had remained unsold and people started to buy small shops. Thus, the administration took the decision with the 25% surcharge for malls, 6% surcharge for group housing societies and 2% each on swimming pool, gym and club which will be across the district.

Thus, the reduced circle rates will definitely be a major relief for investors and homebuyers in Noida by bringing down the registry charges. This was the case observed even in malls where even though the malls were coming up people preferred to rent the space instead of buying it. This caused a dent in stamp duty earnings of the administration. Previously there was additional 25% of charge on escalators and central air conditioning in malls. This was just exclusive for the malls in Noida other than any city or even Greater Noida. Thus, now since it has been decided to remove it and this will bring down the prices considerably.

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