DM BN Singh had on July 11 announced steep rebates in circle rates across categories to boost investment in the twin cities where real estate is in a prolonged slump with flat deliveries running years behind schedule and commercial properties witnessing tepid demand
NOIDA: The district stamps and registry department has received feedback from only four stakeholders on the revision of circle rates in GB Nagar.
DM BN Singh had on July 11 announced steep rebates in circle rates across categories to boost investment in the twin cities where real estate is in a prolonged slump with flat deliveries running years behind schedule and commercial properties witnessing tepid demand.
SK Singh, assistant commissioner of the stamps and registry department, GB Nagar, said while Jaypee Group and Wave Group have filed one feedback each, while two others were given by individuals. The Jaypee Group said the circle rates for commercial and residential land should be decreased. “The Wave Group also suggested reduction in the circle rates in Sector 32 commercial area where it is developing a project,” Singh said. One individual has, however, suggested an increase in the circle rate.
The DM said, “We will discuss the issue on Wednesday and take a final decision before the revised circle rates are implemented from August 1.”
The administration had proposed to wave off 3% charge levied for power back-ups and lifts each in a group housing project, which were among the three other overheads that factored during stamp duties, depending on which of the facilities a builder provides. The other three components are community centre/club, swimming pool and gym.
The district administration has proposed a rebate of 10-50% in registration of properties in commercial areas, ITs and institutional areas. However, there is no change in the circle rates of land in Dadri and Jewar area. The rebate in circle rate aims to boost investment since the stamps and registration department achieved only 66.80% of its target revenue of Rs 2,522.84 crore in 2017-18.