Sources said the administration received nine feedbacks–Noida (7), Greater Noida (1) and Dadri (1) and applicants requested the officials to decrease the circle rate due to slowdown in real estate sector, also pointing out that circle rates in some areas are higher than the market rate. The administration had asked people and developers to submit the feedback by April 25.
The administration last week said it had decided against increasing the circle rates of property under the three authorities. However, it said the feedbacks collected from different stakeholders will be incorporated in the final decision. The buyers and developers claim that the real estate sector is down for some time due to demonetisation.
The circle rate is the minimum value at which the second sale or transfer of property takes place. The properties in different sectors in Noida are classified in five categories – residential, commercial, industrial, institutional and IT. The rates also differ accordingly in different sectors.
District magistrate B N Singh chaired the meeting of stakeholders and discussed the issue. “We will analyse the feedback and take a final decision. We will share the details in a press conference on Friday,” he said.
The district magistrate directed the registration department to expedite work and ensure that the buyers do not shift into houses without registry. “We have received information that some buyers are shifting to flats without registry. This results in losses to the government exchequer. The officials should conduct special enforcement drive and issue notices to such buyers and builders,” said the DM.
He said that the administration will identify such housing societies nearing completion and fix dates for registration of flats. The administration also plans to initiate action if the registration process is not completed on time.
Source- ET Realty
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