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Now another attraction for homebuyers to get a flat in Noida

The district administration of Gautam Buddha Nagar has decided against increasing circle rates. It has further proposed to do away with the surcharge on lifts and power back-up, thus, reducing the fees by 9%. This decision has come as a big relief to the homebuyers.

  • This decision will come into effect on August 1st this year significantly lowering the cost of buying a flat in a housing society in Noida.
  • “We have decided to propose a rebate on stamp duty across five areas where additional duties are imposed in case of group housing,” says Brijesh Narayan Singh, district magistrate, Gautam Buddha Nagar.
  • Not just homebuyers who will benefit by 9%, even IT and ITes property buyers will also get benefit if they buy ground floor to third floor. In case of commercial properties, a relief of 15% has been proposed for ground floor buyers and a 10% relief for buyers of lower ground floor, mezzanine and basements.
  • Developers who offer certain common facilities in their group housing projects would see the cost of project registration going down to 6% from the earlier 15 per cent. They would pass on the benefit to buyers in turn.

So how does this work for buyers?

Noida circle rates

Changed scenario

  • Now, terming the two facilities of power backup and lift as “necessity”, the Noida district administration has decided to remove them from the facilities that are subject to surcharge.
  • On the other hand, a surcharge on common facilities of community centre/club, swimming pool and gymnasium has also been lowered from 3% each to 2% each.
  • In effect, a developer would only pay 6% as surcharge if he provided all these facilities in his housing project. This would mean the total cost of the property value would go down for a buyer, and he would pay lower charges as stamp duty.

Source: Moneycontrol, Maakan

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