Circle Rates in Noida to Increase by Up to 5% after 4 years

By : 360 Realtors

17 August, 2021

The authorities have proposed to hike the circle rates in Noida, Greater Noida, and the Yamuna Expressway region by at least 5%, after four years. The government has given residents a window of 15 days to register any objections, after which the new rates will be implemented. The authority has given time till Aug 16, 2021, to submit any concerns or objections.

| Currently, the UP government charges 7% of the property value as stamp duty. The new circle rates will be notified on August 19. |

The circle rates in Noida and Greater Noida have remained unchanged in the last four years due to poor market conditions. The deputy inspector general of the stamp and registration department stated that the administration had decided to change the circle rates after carrying out an exhaustive survey. He has also stated that the administration has decided to increase the rates after it was found that the land allotment rates of the three industrial development authorities of Noida, Greater Noida, and Yamuna Expressway are more than the circle rates.

The property prices will be increased significantly in Phase 3 of Noida. The prices of properties in phases 1 and 2 will be revised upwards as well. The sub-divisional magistrate of the Sadar area stated that the existing market situation, as well as localized factors and dynamics of the real estate market, were taken into account before deciding on the hike. Through this hike, the administration will also gain higher revenues. The rates are now being matched with the rates of the local development authorities.

The authorities have stated that they will note down the objections of the residents before any decision is finalized. The final call on the matter will be taken after discussions with all stakeholders involved.