Proposed Noida Circle rate hike to hit home buyers

The recent hike in circle rates across Noida, Greater Noida, and Jewar in Uttar Pradesh is expected to have a significant impact on property prices, which could, in turn, affect consumer sentiment and property sales. According to real estate experts, the market is already facing the pressure of sharp price increases over the past few years, and the additional burden from higher circle rates may make home buying less affordable for many.

Industry professionals have expressed concerns that this move could dampen demand, especially in a market that is still stabilizing. They highlighted that the real estate sector is currently going through a phase of consolidation, where prices have started to plateau after witnessing a steep rise. Developers believe it is important for the state government to take this context into account before implementing any further policy changes.

While the intention behind increasing circle rates may be to align them more closely with market rates and boost revenue, experts caution that such measures should be balanced to avoid disrupting market momentum. A sudden spike in property costs could discourage potential buyers and slow down ongoing recovery in the region’s real estate sector.

SOURCE: www.economictimes.indiatimes.com : https://shorturl.at/OAudv