Land rates will impact Noida’s real estate

Delhi/NCR
It is said that every little raise in land rates affects the property market in a big way. And, when the jump is as high 18%, even amateurs can imagine the effect on the market!

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The Noida authority recently increased land allotment rates by 18.4%, one of the steepest jumps in recent times. While the revised rates are applicable in Noida with immediate effect, the new rate will come into force in Greater Noida from April 1.

The decision has evoked a mixed bag of reactions with some saying that the move will consolidate the market, while others say that it might hit the market in a big way.

Manoj Gaur, president of Credai-Western UP, said: “The decision to increase the circle rates will affect the overall realty market in Noida, Greater Noida, and Yamuna Expressway. Although, this will allow authorities to get more funds, which would be used for infrastructure development in these areas, eventu ally, it would burden developers as land would become costly and raise the prices of properties as a consequence.“

Aman Agarwal, director of KV Developers, said: “The authorities have taken a good decision. We are sure this is a good way to enhance the value of these regions as a whole. With this, the authorities will have more funds which would help them spend more on improving basic infrastructure. However, this decision will increase the burden on homebuyers, as they will now have to spend more money in the form of stamp duty charges.“

Amit Gupta, MD of Orris Infrastructure Pvt Ltd, says: “Increment in circle rate is an important decision by the authorities. Some people may view it in a negative way, but the decision comes with positives as well. Several infrastructure projects like Metro expansion and the completion of FNG Eway will make Noida, Greater Noida, and Yamuna Expressway world-class cities. These projects will enormously benefit the people who live in these areas or those trying to buy property here.“

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/land-rates-will-impact-noidas-real-estate/80452.html