Noida circle rates hiked by 15-20%

The Noida Circle Rates have been hiked by 15 to 20 per cent. The new rates are effective from August 1. Kapil Datta reports.

The Noida Circle Rates have been hiked by 15 to 20 per cent. The new rates are effective from August 1.

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As per the new rates, a 200 square metre plot at newly developed sectors will attract a stamp duty of R 2.22 lakh instead of the present R 1.99 lakh—an extra burden of around R 23,000 on stamp duty

"The rates are effective from August 1. The Circle Rates are the minimum sale rate at which a property can be sold by the original allottee to others. Even if he sells the property below this rate he will have to pay stamp duty on the Circle Rates. If the selling rate is more than the Circle rates than stamp duty will be levied at that rate," said S.N. Rai, Assistant Inspector General (AIG) stamps.

"The Circle Rates are 20 per cent more than the authority allotment rates and around 15 per cent less than the market rate. The hike in rates was around 15 to 20 percent depending on the sector," said Rai.

"Since July 31 was the last date to get properties registered at the old rate, nearly 310 properties were registered against the daily average of 50 registrations. The heavy rush was to save the stamp duty," said Rai.

"The old rates ranged between R 18,000 to R 40,500. The new hiked rates ranged between R 21,000 to R 52,500," said Rai.