representative image Noida: Stamp and Registration Department has submitted the proposal for amendment to the District Magistrate circle rateWhich has remained the same for the last five years.
The proposal aims to increase the circle rate by 25-30% residential area10% in industrial, commercial and IT areas, and 15% in case of agricultural land.
Circle rate revision will have an overall impact property prices Buyers will have to pay more in different categories stamp duty,
Stamp duty for a property is collected at the circle rate declared by the district administration or the land allotment rate decided by the three development authorities – Noida, Greater Noida and Yamuna Expressway – in their areas, whichever is higher. The three authorities usually revise their allocation rates every six months or a year.
Assistant Inspector General of Registration Shashi Bhanu Mishra said the circle rates were last revised on August 8, 2019.
“Yes, the Stamp and Registration Department has submitted a proposal to the District Magistrate to revise the rates. The circle rates have remained unchanged since 2019. The cost of flats in Noida and Greater Noida has increased significantly over the years. Its In comparison, Mishra told TOI, “The stamp duty collected – which is based on the circle rate – is very low. The rates should be revised to reduce this gap to some extent.”
Officials said the administration decided not to change the circle rates between 2020 and 2023 as the real estate sector faced a slowdown due to the lockdown. Generally, circle rates are revised annually and are implemented from August 1.
In Noida, rates will vary for areas and categories like residential, commercial, industrial and IT.
For example, the rate of residential plots in Noida Sectors 14 and 14A is around Rs 1.1 lakh per square metre, while in Sector 19 it is Rs 79,200.
The circle rate in Alpha 1, 2 and Gamma 2 of Greater Noida is Rs 37,000 per sq.m.
District Magistrate Manish Verma said the new circle rates will be announced for public feedback in two days.
“We are currently studying the proposal. In the next two days, they will be in the public domain for people’s objections, if any. Residents will have 15 days to lodge any objections. A Once the new rates are notified, no objection will be entertained.”
Earlier this year in neighboring Ghaziabad, the stamp and registration department had proposed to increase circle rates in residential and commercial properties by between 15% and 20%. This was after a two-year pause.
