New Delhi: The proposed reduction in circle rate of commercial plots in Noida and removal of surcharge on housing properties across Gautam Buddh Nagar will bring down the burden of property registry on home buyers, builders said on Wednesday.

The move, which will affect registry rates on housing properties across Noida, Greater Noida, Dadri and Jewar, will also mobilise those homebuyers who were waiting to invest ever since the demonetisation in 2016, they said.

The Gautam Buddh Nagar administration has proposed slashing the circle rate of commercial plots in Noida by 21.5 per cent and waiving the six per cent surcharge on housing projects in the district.

A draft notification recommending a reduction in circle rates and other charges to provide relief to property buyers was issued on Wednesday, said District Magistrate Brajesh Narain Singh.

“It is a good move. Although the circle rate of the district is still unchanged it is the first time in recent years when Gautam Budh Nagar reduced surcharge on common facilities of group housing, which will bring down the burden of property registry on home buyers,” said Prashant Tiwari, chairperson of Prateek Group and president of CREDAI Western Uttar Pradesh.

He said at the time of registering a property, the district charges a surcharge in the name of luxury facilities or amenities provided in housing societies.

Now, after the consideration of views and suggestions, in a first-of-its-kind move, power backup and lifts have been removed from luxury facilities and considered as common and essential parts of societies, he added.

“This will mobilise those homebuyers who were in wait and watch list after the demonetisation in 2016,” Tiwari told PTI.

Ashish Bhutani, CEO of the Bhutani Group, said the move will also be beneficial for commercial properties as it has been proposed to reduce the surcharge of 25 per cent on malls equipped with centralised air conditioners and escalators, so the buyer gets the benefit at the time of registry.

“It will help buyers to secure their investment, the builder will get the money to pay the authority, and the revenue will increase,” he said.

Sagar Saxena, Project Head for Spectrum Metro, said he is hoping that the slashing down of the circle rate will increase further and “revenue realisation” will go up.

Dhiraj Jain, Director of Mahagun Group, said the proposal by the administration will benefit the new home buyers too, thus increasing the sale and purchase of properties.