Property Registration to Become Costlier in Noida and Greater Noida. Noida, Greater Noida Set to See Higher Property Registration Costs

Property buyers in Noida and Greater Noida will soon have to pay more for registering their properties. The revenue department has proposed increasing the registration fees. For flats, the costs could rise by 25% to 30%, and for rural and urban properties, the increase could be between 25% and 50%.

There's also a plan to hike circle rates for freehold commercial properties by up to 50%. These changes will come into effect only after the government approves them. Public feedback will be sought before the new rates are finalized and implemented.

The last Change Was in 2019

The circle rates in Gautam Buddh Nagar were last revised on August 8, 2019. Since then, there have been attempts to increase these rates, but they failed because the Noida, Greater Noida, and Yamuna authorities disagreed. This time, however, the administration has decided to increase the rates without waiting for the authorities' consent.

Why the Increase?

Officials explained that property prices in Noida and Greater Noida have steadily increased. However, the circle rates, which determine how much stamp duty buyers have to pay, have not kept up with this rise.

The department has proposed increasing circle rates by 25% to 30% for flats to close this gap. This will mean buyers must pay higher stamp duty when purchasing a flat.

Bigger Impact on Rural and Commercial Properties

The proposed increase will not just affect flats. The registration fees for freehold properties in rural and urban areas will also rise by 25% to 50%. This will make land purchases in rural areas more expensive.

Additionally, there is a plan to increase circle rates for freehold commercial properties by up to 50%, which could lead to higher costs for commercial property buyers.

These changes aim to bring property prices and circle rates closer, but they will also mean a bigger expense for regional property buyers.