Uttar Pradesh's Revenue Department proposes 30% hike for circle rates

The revenue department of Uttar Pradesh has recommended a 30% hike in circle rates for residential areas in Noida, following a five-year freeze on the rates, according to the officials.

The proposal has submitted by the stamp and registration department to district magistrate Manish Kumar Verma recently, aiming to bring the circle rates on par with the current market rates, which has seen a substantial rise in the past few years.

District magistrate Manish Kumar Verma has confirmed that the proposal is carefully being reviewed at present. He says that,“We will publish the new rates for public feedback over the coming days and residents will have around two weeks to raise any objections/suggestions before the final  “We have submitted a proposal to the DM for a 30% hike in circle rates for residential areas in Noida and we are optimistic that the proposal will be carefully considered and approved, as it is necessary to align the circle rates with the current market rates, registration, Gautam Budh Nagar.

To be sure, stamp duty for a property is calculated based on either the circle rate or the land allotment rate, whichever is higher. While the circle rate is decided by the district magistrate, the land allotment rate is determined by the three development authorities of Noida, Greater Noida and Yamuna Expressway within their respective jurisdictions. These authorities typically review and adjust their allotment rates every six months or once a year.