Realty Boom Busts In Delhi And NCR,Still Owning Flat Distant Dream For Middle-Class Salaried People

Despite slowdown in real estate business in Delhi and NCR, it is still a distant dream for middle-class salaried people to purchase a house or flat in the city.
The revised circle rates with an increase of 20 to 25 per cent in various sector of the city came in effect from Monday. The minimum rate for the resale of property at which the district administration will charge registration fee is Rs 18,000 per sqm in sector 1 to sector10 that was earlier Rs 15,000 per sqm. The maximum circle rate in residential sectors is in sector 14 A, 15, and 15A that is Rs 40, 000 to Rs 40,500 per sqm.

If we calculate the price of a double bed room flat of area around 30 sqm, in Noida on the basis of above price list it will come around Rs 6 lakh. But this is the minimum rate below which the stamp department will not charge the stamp duty. The actual property rate in the city is much higher. Such a flat would cost around Rs 45 lakh to 60 lakh in any residential sector of Noida. The circle rates in sectors 11 and 12 are Rs 20,000 per sqm and for sector 16 A the circle rate is 30,000 per sqm.

“The property rates in city were already out of the reach of Aam Admi but now it has become beyond the reach of normal middle class also,” said U K Bhardwaj a property dealer of Noida. The circle rates in undeveloped sectors like sector 220, 240 are Rs 4,000 to Rs 7,500 per sqm meter. The maximum circle rate is of sector 18 that is totally commercial. The circle of this sector is Rs 2 lakhs per sqm, which was earlier Rs 1. 65 lakhs but the actual property rate is around 10 times higher. The property rates in Noida are the highest in Uttar Pradesh.

The credit for boom in property prices goes to metro connection of the city other reasons include proximity to the National Capital, bus connectivity by UPSRTC buses, better roads and above all software industry, BPO sector companies and fast growing professional institutions in Noida and Greater Noida. Dozens of BPO companies, export houses, automobile companies have set up their units in twin cities acting as a motivator for population in to the twin cities. “It will take at least one month to gauge the effect of increased circle rates on property market,” said S N Rai, Assistant Inspector General (AIG) Stamp of Noida.

The department charges 5 per cent stamp fee for registration of property. The department had collected Rs 733 crore revenue in the financial year 2007-08 and the target for this financial year is Rs 1,000 crore.

Source: The Pioneer 08/Sep/2008

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