In a recent development, the Gautam Buddha Nagar administrative body is anticipated to increase the circle rates in Noida and Greater Noida from April 1.

The decision has been made to match the hike in property rates in Noida and Greater Noida in recent years. As per officials, Noida, Greater Noida, and the Yamuna Authority have increased allotment rates on which the authority sells its land. Also, property rates have skyrocketed in recent years, but the circle rates have remained unchanged since 2019.

As soon as the news started spreading throughout the region, homebuyers were filled with fear of an increased financial burden. One homebuyer said, “Properties with delayed possession should be excluded, and the retrospective circle rates should be imposed on them according to the respective purchase year.”

According to homebuyers, the increased circle rates should only be applied to those purchasing property after the immediate effect of the notification. They argue that increasing circle rates for properties whose possession has not yet been given will put homebuyers in further trouble.

The District Magistrate of Gautam Buddha Nagar, Manish Kumar Verma, said, “We are preparing the draft, and once we finalize everything, we will put it on our official website for feedback. The feedback window will be open for 15 days, and only then will the authority take any decision.”

However, having said that, it is anticipated that the authority will increase the rates by 30-70 percent, with up to 70 percent for agricultural lands in the Jewar region.