The impending April 1 circle rate hike by the Gautam Budh Nagar administration has raised concerns among homebuyers, as this adjustment affects stamp duty payments to the government. The real estate development authorities of Noida, Greater Noida, and Yamuna Expressway have increased allotment rates across property segments after implementing the latest changes. Officials from Uttar Pradesh’s stamp and registration department are reviewing rate updates for all property segments, but for now, they are specifically focusing on residential and agricultural land rates.
As quoted by Hindustan Times, JIL Real estate allottees welfare society, Asish Mohan Gupta stated, “We, the homebuyers, are waiting for our homes for 12 years. Every revision in the circle rate impacts our outflow towards stamp duty and registration which increases the financial load on us. The government should formulate a policy that in whichever year the property was purchased, the then prevailing circle rate will apply. At least homebuyers of stuck projects will have some relief or waivers on stamp duty.”
This decision has worried homebuyers who have been awaiting possession of their units since purchasing their properties. Authorities suggest that the move aims to align circle rates with market prices in Noida, Greater Noida, and Yamuna Expressway, which have risen due to the upcoming Noida International Airport in Jewar. Two key factors are driving the proposed circle rate increase: rates had remained stable since 2019 due to a market price decline caused by COVID-19 before property values rebounded in 2023.
Sources suggest that circle rates within the Gautam Budh Nagar district may increase by 30% to 70%. Residential property circle rates in Noida and Greater Noida are expected to rise within this range, while agricultural land rates in the Jewar region could see a 70% increase. District Magistrate Manish Kumar Verma stated that the rate announcement will be made after completing all necessary procedures. Official statements indicate that implementing the revised rates will lead to higher stamp duties, thereby increasing property transaction costs.
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