In an effort to reverse the slowdown in real estate sales across Noida, the Uttar Pradesh government has slashed circle rates of commercial as well as residential properties.
The move will remove surcharge on housing properties across Gautam Budh Nagar and bring down the registry rates.
District Magistrate BN Singh said on Wednesday that the decision was taken by the state administration to curb revenue loss and encourage people to buy more properties in the region.
"There has been a considerable decrease in revenues over the past few years. Because of increasing circle rates, our targets of commercial areas were not met. We have thus decided to slash the circle rates," he said.
Singh said the six per cent surcharge imposed on properties has been removed and no further revision in the circle rates will be done.
"In the last four years, we were not able to sell commercial plots. The large units have remained unsold and people are only buying a few small shops," he said.
The 25 per cent surcharge on shopping malls has already been removed. The state is also going to take requisite steps to reduce the floor price of 21 per cent in all commercial projects in Noida, said Singh.
On compensation to farmers for the construction of Jewar Airport, he said about Rs 15,000 crore has already been given. The state government will pay an additional Rs 3,000 to Rs 4,000 crore to compensate the farmers, said Singh.
( With inputs from ANI )