UP govt announces rebate of 30% to buyers of commercial property on fourth floor and upwards

In response to state government planning to implement new commercial circle rates from December 1, district administration received a total of five objections from public. Following suggestions, district level committee announced to give rebate of 30% to buyers of commercial properties fourth floor and upwards in multi-storey commercial buildings.

The administration had publicised new rates in print and online a few days ago and sought suggestions/objections till Monday. The government intends to reduce commercial circle rates to encourage more people to invest in commercial properties which were lying unutilised for last 2-3 years. Accordingly, registrar and district administration came out with new rates which were 20-60% lower than previous rates.

As a result of price reduction, rates of certain rural areas in Mohanlalganj and BKT became higher than of urban areas. Therefore, the committee has to reduce rates in certain areas of both circles to bring parity with urban centres. “Rest of the rates are same as they were in the interim draft”, said administration.

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