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Floor Rates to soar by 30 Percentage

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NCR board is expecting to increase the lowest floor locality prices for land dealings in and around the Capital by 20-30%. The new minimum prices are likely to make it simple for people to purchase residences by allowing them to larger housing loans, also fetching more revenues for the government.
Circle price is the floor rate at which land dealings are registered and giving a lesser rate is not permitted. So, high circle prices means clear dealings and in addition to housing loans hunters will get big loans from banks as the land rate revealed in the document will be higher, nearer to the market value.
NCR board officer said to www.propertykhazana.com that, “Minimum Floor Area prices for land dealings was hiked in various parts of the capital, previous year, but there is scope for more review to make sure the best appraisal of realty. Circle rates in NCR are farthest lesser than market prices, even after the planned increase.” Board is considering that circle rates must be modified yearly to reveal the real value of the property.
Urban development ministry has requested the states to follow Delhi’s indication and increase circle rates for enhanced stamp duty collection. In Delhi, circle rates differ from Rs. 6,000-43,060 per Sq.Mtrs and specialists think that circle rates in states are less than market prices.
JLLM, MD Anuj Puri said to www.propertykhazana.com that, “In many cases, there is a big variation among the real market rate and floor rate set by the State Govts. There is more room to modify prices in NCR also and states have to follow a standardized emerge in modifying prices. Price increase from time-to-time does not bit the purchaser and improves the state treasuries.”
Source: NBTVLIVE

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