Soon property buying in Noida and Greater Noida will turn more costly for you. The Gautam Buddh Nagar district administration has decided to go for the annual revising of the circle rates. A committee comprising the officials of revenue and stamp registration department commanded by district magistrate will finalize the circle rates soon. A department official revealed that the committee will begin a survey next month to complete all the formalities for the same.
The circle rates differs in different areas that it needs to evaluated and adjusted properly to mix match with the market rates. The committee might conduct a survey to determine the areas where circle rates should be reduced and the areas where it should be hiked. The authority also said that they are not in favour of certain areas where the rates already stand high. Last year the authority had increased the circle rates from 5% to 10% for all categories.
A hike in circle rates will impact home buyers who wish to buy a property in Noida as the stamp duty will increase. It is not just the stamp duty, but in group housing complexes, home buyers will have to pay extra amount for availing the facilities like swimming pool, lift and security while registering the property. However, last year the amount for swimming pool and lift were lowered from 25 % to 15% in Noida and 12% to 10% in Greater Noida.
In rare cases, suppose the cost of the property is Rs 40 Lakhs and the estimated value of Rs 70 Lakhs is prevailing according to the circle rates, then the home buyer would have to pay the stamp duty calculated at Rs 70 Lakh. But generally the market rates of properties are higher than the circle rates. Additionally, buyers also need to pay 5% of the property cost as registration fee.