NEW CIRCLE RATES IN NCR

With hi-tech townshipsindustrial and commercialare likely to be Rs 90 lakh to 1.1 crore per acre. In
development coming up at a rapid clip, circle rates arerevenue oriented villages like Dundaheda, Arthla,
set to go up by in the NCR, saysSihani, Nahal, Dhukna, Karhaida, Masuri, Dasna,
Even though property prices have not skyrocketed inAkbarpur-Behrampur, Mainapur, and Sadarpur the
the NCR in the last 6-10 months, the concernedcircle rates are likely to be hiked by 10-20%. Rakesh
authorities have a proposal to review the circle ratesYadav of Antriksh Builders says the reason behind
here. The government of Haryana has already hikedcircle rate revision is that these villages are near
the circle rates by 10-12% in Gurgaon and Faridabad.NH-24 and with most of the high-tech townships and
Now, the government of Uttar Pradesh is also set todevelopmental projects coming up here land becomes
hike circle rates in Noida-Greater Noida and Ghaziabadcostlier.
by 10-20%.Interestingly, there is a likelihood of a steep increase
The new circle rates have been proposed to bridgein the circle rates for residential land. The circle rates
the gap between the real estate prices and existingat Ramprastha, Surya Nagar, Chandra Nagar, Vaishali,
sector rates and the sub-registrar offices have beenKaushambi, Indirapuram, Vasundhara, Kavinagar,
asked to submit their proposals. It is expected thatRajnagar, Nehru Nagar, Brijvihar, Lohia Nagar, Patel
the new circle rates will be effective from end-July inNagar and Rajendra Nagar are also likely to be hiked
Noida-Greater Noida and Ghaziabad.by 10-20%. Obviously, the demand of residential,
The new circle rates for a hyper-potential zone likeindustrial and commercial plots plays a big role in
Gurgaon have already been tagged in revenuepushing the revision in the circle rates.
records and already effected. In DLF City Phase 1-4,Lalit Srivastava, chairman of Noida-Greater Noida
where the market rate of land ranges between Rsauthority, commenting on the proposed circle rate,
50,000 and Rs 70,000 per sq yard, the circle ratessays the right implementation of new circle rates is
have been increased from Rs 19,000-21,000 to Rsmore important in valuing the price index and area
21,000-23,000, according to revenue officials.development. For securing one’s property, one
Revenue officials say that in Sushant Lok’smust pay the stamp duty individually; otherwise, a
Phase 1-3 the circle rates now stand revised at Rsperson can have no legal right to claim that property.
20,000-21,000 as against Rs 18,500-19,000 per sqRecently, the district administration and the authority
yard. K P Yadav, assistant stamp commissioner,declared a list of defaulters in residential, commercial,
Ghaziabad, says that after receiving proposals frominstitutional, and industrial plots and crores of rupees
sub-registrar offices, the district administration willhad to be recovered from these defaulters. Thus,
revise the circle rates. The new circle rates are likelypaying stamp duty makes it easier for both sellers
to be effective from end-July. According to someand buyers to gain legitimacy over their transactions.
reports, the new circle rates in Mehrauli village nearThe biggest challenge in selling a property is to make
NH-24 will be nearly Rs 1 crore per acre. The newbuyers heed more to the legal aspects of the
rates will be on the basis of distance from thetransactions and a little more time and money thus
National Highway.spent on creating solid proof to get their property
The current circle rates of Bamheta village are Rs 80registered will certainly stand them in good stead
lakh to Rs 1crore per acre, while the revised rates— with the authorities!