Officials, however, said that local residents have a window of 15 days to register any objections. Post that, the new rates will be notified. The UP government charges 7% of the property value as stamp duty.
At a meeting on Monday, administration officials decided to notify the new circle rates on August 19. The circle rates in Noida, Greater Noida and parts of the district have largely remained unchanged since 2017 owing to the subdued marked condition. “The administration has carried out an exhaustive survey before taking a call on the hike,” said deputy inspector general of the stamp and registration department, Rakesh Kumar Srivastava.
“In our survey, we have found that the land allotment rates of the three industrial development authorities — Noida, Greater Noida and Yamuna Expressway — are higher than the prevailing circle rates. Accordingly, the decision to hike the circle rates has been taken,” he added.
The administration will jack up property prices significantly in Phase 3 of Noida. Sectors 57, 58, 59, 60, 63, 64, 65 and 67 will also be impacted. Prices of properties in phases 1 and 2 are to be revised upwards as well, TOI has learnt.
Similarly, the rates in Alpha, Beta, Gamma, Beta and Tau sectors will rise.
Sub-divisional magistrate of the Sadar area, Prasun Dwivedi said, “Existing market situation, localised factors and dynamics of the real estate market have been taken into account. The administration will also get higher revenues. The rates have been matched with the rates of the local development authorities.”