Noida is preparing to review circle rates after a three-year hiatus. Property surveys will be conducted to ensure accurate recalibration of rates in various categories. The district administration has directed sub-registrars and magistrates to assess prevailing circle and market rates. Inputs from departments like PWD and Forestry will be considered for potential rate adjustments. The move comes after rates remained unchanged from 2020 to 2022 due to pandemic-induced real estate challenges. The revised rates aim to reflect actual property values and address demands from sectors like farming for fair compensation.
Noida is poised to break its three-year circle rate revision hiatus, remerging with potential changes in sight. The stamp and registration department is gearing up for an extensive property survey. Initiating this drive, ADM Atul Kumar, responsible for finance and revenue matters, issued explicit instructions on Thursday. Sub-registrars have been tasked with meticulously examining current circle and market rates across diverse property categories such as residential, industrial, commercial, and agricultural. Their meticulous analyses are expected to catalyse forthcoming rate recalibrations.
Sub-divisional magistrates, who play a crucial role, are mandated to conduct thorough surveys within their respective jurisdictions. Their ambit encompasses discerning present market valuations across various land classifications. Expanding the inquiry's scope, the administration has reached out to the Public Works Department (PWD) and the Forest Department, seeking comprehensive lists of updated construction rates and tree valuations. These vital inputs are poised to wield substantial influence in the impending rate revision determinations.
While customary practice mandates periodic land allotment rate adjustments for Noida, Greater Noida, and Yamuna authorities, the administration notably refrained from revising circle rates between 2020 and 2022. The prolonged impact of the global pandemic and ensuing lockdown measures led to a judicious pause in the real estate sector's growth. Rohit Gujral, a respected Noida-based property consultant, emphasizes the need for recalibrating circle rates to match location-specific real estate dynamics. Gujral underscores the disparities in commercial property valuations, notably between those near bustling metro stations and those farther away. He advocates for an evolved approach that captures these nuances.
Among the voices advocating for circle rate modifications, farmers have been consistent in their demands, particularly for farmlands. Sunil Pradhan, representing Greater Noida's Junaidpur, speaks on behalf of fellow farmers, expressing concerns over unchanged circle rates. He expressed apprehensions about the administration's motives for not updating circle rates, suspecting a possible intent to sidestep higher compensation payments when acquiring farmland for rural development. In the journey of revising circle rates, Noida's commitment to balance economic realities with fair development shines through, promising a more aligned and dynamic real estate landscape.
The circle rate establishes the minimum valuation that a property owner can receive, factoring in variables such as property type, local market prices, and available infrastructure. Commonly known as the guiding value or ready reckoner rate, it is used in tandem with the selling price to compute stamp duty for real estate transactions, opting for the higher of the two. Financial institutions also incorporate the circle rate into property-backed loan approvals.
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