If you are planning to buy your dream home in Greater Noida—situated near Delhi-NCR—there is significant news for you. The Greater Noida Authority has given the green light to a 3.58% hike in property circle rates. This change, occurring after a long wait of nearly nine years, is set to impact not only new homebuyers but the real estate market as a whole.
How Much Heavier Will the Burden on Your Pocket Be?
The circle rate represents the minimum government-mandated value at which a property is officially registered.
Registration Costs Will Rise: A direct consequence of the increased circle rates is that you will now have to pay higher amounts for stamp duty and registration fees.
Impact on the Middle Class: Experts suggest that construction materials—such as steel and cement—are already expensive. With the recent hike in circle rates, developers are likely to pass this additional burden on to customers; consequently, ‘affordable housing’—or budget-friendly homes—could become even more expensive.
Why Was This Decision Taken?
Experts believe that there was a significant disparity between market prices and circle rates.
Curbing Tax Evasion: Previously, people would exploit the lower circle rates to understate property values in order to evade taxes.
Transparency: With the recent rate hike, the gap between market prices and government-fixed rates will narrow; this will foster greater transparency in property transactions and minimize the scope for fraudulent activities.
Reaching the Expressway in 30 Minutes
It is not just the rates that have been hiked; the Authority has also formulated a comprehensive roadmap for development. During the board meeting, a budget of ₹6,048 crore was approved, the highlight of which is the construction of a new 37-kilometer-long road.
Direct Connectivity to the Ganga Expressway: This 105-meter-wide, 8-lane road will directly link Greater Noida (Sector Alpha-2) to the Hapur Bypass and the Ganga Expressway.
Time Savings: Once this project is completed, the commute from Greater Noida to the expressway will take a mere 30 to 45 minutes.
Connectivity via Multiple Routes: This new corridor will also establish interconnections with NH-91, the Eastern Peripheral Expressway, and ‘New Noida.’ However, it is expected to take another 2 to 3 years for this project to materialize on the ground.
