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Check out revised circle rates in Noida

By Rishabh Chamoli | 2022-10-06

Circle rates in Noida, Greater Noida are decided by the Uttar Pradesh government. Circle rates are defined as the minimum value of an area to calculate stamp duty levied on the sale, purchase and transfer of a property. These rates differ from locality to locality and are calculated on several parameters.

In a recent development, the Uttar Pradesh government has slashed the circle rates for commercial properties in the region by 21 percent. Additionally, the State government has also waived off the six percent surcharge levied on group housing societies for the amenities provided, including community centre, swimming pool, and gym. Each amenity carries two percent surcharge.

Noida circle rates are the minimum value notified by the State government through the registrar or sub registrar office for registration of real estate transactions. Usually, stamp duty is levied on the transaction value and or the ready reckoner rate (circle rate), whichever is higher.

What are the parameters affecting circle rates in Noida?

Amenities
The Stamps and Registration Department, Uttar Pradesh fixes circle rates in Noida after considering the market value of the area and the facilities or amenities available in that area. Therefore, circle rates in Noida vary from sector to sector.

Luxury apartments in Noida with superior amenities such as covered parking would attract higher circle rate. In Noida, the Department charges Rs 1.5 lakh for open parking and Rs 3 lakh for covered parking.

Types of properties
Usually, commercial properties have higher circle rates as compared to the rates prevalent for residential properties. Circle rates are also defined based on the type of the property. The minimum value of a flat or an apartment in Noida would be different from that of plots and independent houses, even in the same sector.

In the case of high rise residential societies, the State government allows for a floor relief of two percent per floor for housing units on the fourth floor and above. The maximum floor relief is capped at 20 percent of the minimum value.