The Noida administration revealed its draft proposal to
sharply increase circle rates.
NOIDA:
Realtors' association Credai has appealed to chief minister Akhilesh Yadav to
stop the proposed increase of Noida's circle rates while homebuyers will hit
the streets in protest against being forced to cough up more for already
delayed flats.
A
day after the Noida administration revealed its draft proposal to sharply
increase circle rates - which decides stamp duty on a flat's registry - there
was widespread unhappiness about the decision. Credai, which sent a memorandum
to the CM, said market conditions called for a decrease in circle rates, citing
the example of Haryana, which recently slashed circle rates by 15% in Gurgaon
to lift the real estate market out of a prolonged slump.
Suresh
Garg, secretary of Credai (western UP), said, "The proposal to increase
circle rates in Noida will affect the already sluggish market in a big way.
Plus, the government has already decided to implement the 2% increase in stamp
duty (from 5-7%). Increasing circle rates up will lead to a huge burden on new
and potential buyers.
Circle
rates are already high in Noida, in many cases higher than the market rate.
It's a reduction of rates that is in order"
Homebuyers'
groups, already disgruntled with delayed possessions and other issues like
steep maintenance charges, were furious.
"Why
should buyers suffer because of delays by builders? We are going to demand that
our registrations be done at the same rate applicable when we bought our
houses. The buyers should not suffer because the builder has failed on its
commitment," said Shweta Bharti, general secretary, Noida Extension Flat
Owners' Welfare Association.
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