Noida and Greater Noida property buyers will have to pay more from April 2025 as the government plans to revise circle rates after nine years. The Uttar Pradesh Stamp and Registration Department has announced a major hike in circle rates, ranging from 20% to 70%. This increase will affect apartments, residential properties, and agricultural land in both cities.
Circle rates are the minimum value on which a property is registered, impacting stamp duty and other charges. While property prices in Noida and Greater Noida have been rising, stamp duty revenue has remained low. To bridge this gap, the administration is implementing these changes.
Circle Rate Hike: Key Changes in Noida and Greater Noida
1. Circle Rates for Apartments in Noida and Greater Noida
- In Noida, high-end apartments will see a 20% increase in circle rates.
- In Greater Noida, the hike will be 30% for apartments.
- Key premium sectors like 14A, 15A, and 44 in Noida will see rates go from Rs.1.03 lakh-Rs.1.2 lakh per sq. meter to Rs.1.2 lakh-Rs.1.4 lakh per sq. meter.
- In Greater Noida, apartments in Alpha 1, Alpha 2, Gamma 1, Gamma 2, Beta 1, and Beta 2 will see rates go from Rs.28,000-Rs.28,500 per sq. meter to Rs.36,400-Rs.37,050 per sq. meter.
2. Big Impact on Agricultural Land
- Agricultural land in Noida will see a 40% hike in circle rates.
- In Greater Noida, the increase will be 50%.
- The highest hike of 70% will be seen in the jewelry sector land.
3. Manufacturing Costs to Rise by 30%
Apart from real estate, the cost of manufacturing will also rise by 30%, impacting industries and businesses operating in the region.
Why Are Circle Rates Being Increased?
1. First Increase Since 2016
Usually, circle rates are revised every year, but Noida and Greater Noida have not seen any change in the last nine years. This is the first major increase since 2016.
2. Rising Property Prices, Low Revenue
Officials have observed a sharp rise in property prices over the last few months. However, the revenue from stamp duty has not increased significantly. By raising circle rates, the administration aims to increase government revenue.
3. Impact on Homebuyers and Investors
With increased circle rates, property registration and stamp duty costs will go up. This means:
- Higher expenses for homebuyers, making property purchases more expensive.
- Increased investment value, as properties will have a higher base price.
- Potential impact on real estate sales, as buyers might delay purchases due to higher costs.
Public Feedback and Reactions
The government has invited public suggestions on the new circle rates until April 5, 2025. Based on this feedback, changes might be made before the final implementation on April 1, 2025.
1. Builders and Investors Welcome the Hike
Some real estate developers and investors believe this step is necessary for government revenue. They argue that rising property prices must be reflected in circle rates to maintain market stability.
2. Homebuyers and Businesses Express Concern
On the other hand, homebuyers and businesses see this as an added financial burden. Higher costs will make property ownership and industrial expansion more expensive.
What’s Next?
The final rates will be decided after April 5. If no changes are made, the new circle rates will be implemented from April 1, 2025. Buyers and investors are advised to complete property transactions before the new rates take effect to avoid higher costs.
