NOIDA: As property prices continue to rise in Noida, Uttar Pradesh is set to revise circle rates by 20% in the upcoming financial year, marking the first increase in nine years, as published by The Economic Times.
Property prices in Jewar are expected to see a significant rise due to a 70% hike in proposed circle rates, driven by the upcoming Noida International Airport, which is scheduled to open in May this year. Circle rates serve as the minimum values assigned to properties for calculating stamp duty and other registration fees.
The district administration, which has released the proposed valuation list for properties under the Uttar Pradesh Stamp (Valuation of Property) Rules, has invited feedback until April 5. Typically, circle rates are revised annually and implemented from Aug. 1, but UP has not revised the rates for the district since 2016.
Over the past decade, the cost of flats has increased considerably in Noida and Greater Noida. However, the stamp duty collected—based on circle rates—remains significantly lower. The revised rates aim to bridge this gap, according to assistant inspector general-2 Brijesh Kumar.
As per the proposed revisions, circle rates for multi-story buildings in Greater Noida and Greater Noida West (under Dadri tehsil) will increase by 30%. The proposed hike for office-use plots stands at 15% of the current rate. A 10% increase has been proposed for resale of plots in residential, group housing, industrial, IT/ITES, and commercial categories.
In 2024, the three development authorities revised circle rates for these plots. The circle rates issued by the district administration, known as DM circle rates, remain distinct from those issued by development authorities.
If the 20% hike is implemented for Noida’s multi-story buildings, then circle rates for flats in upscale sectors like Sectors 14A, 15A, and 44—where current rates range between Rs 1.03 lakh and Rs 1.2 lakh per square meter, depending on road width—will increase to Rs 1.2 lakh to Rs 1.4 lakh per square meter. In Greater Noida, current circle rates for flats in condominiums at sectors Alpha 1, 2, Gamma 1, 2, and Beta 1, 2, ranging from Rs 28,000 to Rs 28,500 per square meter, will be revised to Rs 36,400 to Rs 37,050 per square meter.
UP has also proposed a “location” charge for properties near metro stations (5%), sectors adjacent to expressways (7.5%), and commercial-use or EWS/Shramik Kunj buildings (12.5%). Additionally, construction rates have been increased by approximately 30%.
Circle rates for non-agricultural land in Noida are set to rise by 20%, while Greater Noida and Greater Noida West will see a 25% hike. Agricultural land across all revenue villages in Noida will witness a 40% increase, whereas Greater Noida will experience a 50% hike. Agricultural land adjacent to populated areas and roads in Dadri, Sadar, Greater Noida, and Jewar will see a 25% increase. Commercial properties in villages under Greater Noida are also proposed to see a 25% rise.
New road segment rates have been introduced in Hajipur, Noida, to align circle rates with market trends and ongoing infrastructure development. The state has also proposed an increase in rates for developed residential plots allotted to farmers in exchange for land acquired by development authorities. The proposed rate for such plots allotted by Noida Authority is Rs 40,000 per square meter. In Greater Noida, the rate will rise from Rs 13,500 to Rs 25,000 per square meter, while the Yamuna Expressway Industrial Development Authority (YEIDA) has proposed an increase from Rs 7,500 to Rs 18,000 per square meter.
In Jewar, where UP is developing the international airport, a transit hub, and several infrastructure projects, circle rates for agricultural land are proposed to increase by 70%. Currently, the rate stands at Rs 900 per square meter, with a proposed increase to Rs 1,550 per square meter. This aligns with the government’s revised compensation rate of Rs 4,300 per square meter for land acquired for phases three and four of the Noida airport project. In Uttar Pradesh, farmers receive compensation for their land at more than double the prevalent circle rate.
Commercial plots and properties in Jewar will also see an 18-20% hike in circle rates. New road segments have been introduced to reflect ongoing infrastructure development, including routes from Jewar Underpass to Sadullapur Modelpur and from Jewar-Khurja Road to Mewala-Gopalgarh. Officials stated that these revisions align with the rapid growth in the region.