Noida Set to Revise Circle Rates After 5 Years
23 Oct 2024
2 Min Read
CW Team
The Stamps and Registration Department has submitted a proposal to the District Magistrate to revise the circle rates in Noida, Greater Noida, and Yamuna Expressway regions. The proposed changes mark the first revision in five years, with rates having remained unchanged since August 2019.
The department is proposing a significant hike across different sectors: a 25-30% increase for residential properties, 10% for industrial, commercial, and IT sectors, and 15% for farmland. This revision will directly impact property buyers, who will face higher stamp duties, as these are calculated based on the circle rates set by the district administration or the land allotment rates established by development authorities such as Noida, Greater Noida, and Yamuna Expressway.
Shashi Bhanu Mishra, Assistant Inspector-General of Registration, emphasized the need for this revision, citing the gap between the current property prices and the stamp duty collected. "The cost of flats has risen significantly over the past few years in Noida and Greater Noida, while stamp duty, calculated based on the circle rates, has remained lower in comparison. The proposed revision is essential to reduce this gap," Mishra said.
Officials explained that circle rates are typically revised annually, with new rates usually taking effect from August 1. However, the rates were not revised between 2020 and 2023 due to the real estate slump during the pandemic.
In Noida, the revised rates will vary by sector and property category. For instance, residential plots in sectors 14 and 14A currently have a circle rate of ?1.1 lakh per square meter, while in Sector 19, it is ?79,200. In Greater Noida's Alpha 1, 2, and Gamma 2 sectors, the circle rate stands at ?37,000 per square meter.
District Magistrate Manish Verma stated that the newly proposed rates would be announced for public feedback within the next two days, paving the way for their implementation.
The revision is expected to impact the entire property market, with a ripple effect on the cost of buying and selling real estate in the region.
The Stamps and Registration Department has submitted a proposal to the District Magistrate to revise the circle rates in Noida, Greater Noida, and Yamuna Expressway regions. The proposed changes mark the first revision in five years, with rates having remained unchanged since August 2019.
The department is proposing a significant hike across different sectors: a 25-30% increase for residential properties, 10% for industrial, commercial, and IT sectors, and 15% for farmland. This revision will directly impact property buyers, who will face higher stamp duties, as these are calculated based on the circle rates set by the district administration or the land allotment rates established by development authorities such as Noida, Greater Noida, and Yamuna Expressway.
Shashi Bhanu Mishra, Assistant Inspector-General of Registration, emphasized the need for this revision, citing the gap between the current property prices and the stamp duty collected. The cost of flats has risen significantly over the past few years in Noida and Greater Noida, while stamp duty, calculated based on the circle rates, has remained lower in comparison. The proposed revision is essential to reduce this gap, Mishra said.
Officials explained that circle rates are typically revised annually, with new rates usually taking effect from August 1. However, the rates were not revised between 2020 and 2023 due to the real estate slump during the pandemic.
In Noida, the revised rates will vary by sector and property category. For instance, residential plots in sectors 14 and 14A currently have a circle rate of ?1.1 lakh per square meter, while in Sector 19, it is ?79,200. In Greater Noida's Alpha 1, 2, and Gamma 2 sectors, the circle rate stands at ?37,000 per square meter.
District Magistrate Manish Verma stated that the newly proposed rates would be announced for public feedback within the next two days, paving the way for their implementation.
The revision is expected to impact the entire property market, with a ripple effect on the cost of buying and selling real estate in the region.
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