Circle Rates In New Okhla Industrial Development
  • By admin
  • / April 29, 2024
  • / Blog

CIRCLE RATES IN NEW OKHLA INDUSTRIAL DEVELOPMENT AUTHORITY (NOIDA)

New Okhla Industrial Development Authority (NOIDA)  is a city located in Gautam Buddha Nagar district of the Uttar Pradesh (U.P.), which is one of the most  important States in India. NOIDA is at the borders of Uttar Pradesh and New Delhi. and is a part of Central National Capital Region (CNCR).

Before dwelling upon the subject, let the term “Circle Rate”  and major factors involved  in  calculation of circle rates be understood.

 CIRCLE RATE

Circle Rate is the minimum price or the lowest price at which a property – be it a plot of land or a house/an apartment/a flat for residence or a commercial property –    has to be registered in case of its transfer by way of a sale or a gift. These rates are also known by other names like  ready  reckoner rates or collector rates or guidance value in different States. Such price is paid by way of a stamp duty. Thus, the circle rates serve as a benchmark under which transactions of  property cannot be legally registered.

Land being a State Subject in India, the responsibility for fixing a standard rate for land and other properties across the cities, below which a transaction cannot be registered, is of District administration of the State.  Circle Rates not only  differ  from city to city in a State but also differ from locality to locality. They also may vary from project to project and from building to building.

MAJOR FACTORS INVOLVED  IN  ARRIVING AT  CIRCLE RATES

These include

  • Location of the Property: Circle rates are higher in the case of properties in prime areas when compared to less developed properties or properties in remote areas.
  • Type of the Property: A Commercial Property has higher Circle rates vis-à-vis a Residential Property/ Moreover, in the same sector, Circle rates may differ for apartments, flats, independent houses, apartments, flats and plots
  • Size of the property/land : The size of the property or land  also plays a role in arriving at  the circle rate. Larger properties may have higher  circle rates/
  • Type of Infrastructure and Amenities:. Access to Better Infrastructure and amenities  may result  in fixation of higher  circle rate. For example the circle rates for group housing societies may be  higher as they provide better -Size of the Property
  • Ownership of the property : Circle rates may vary based on the ownership of the property. A property owned by a real estate developer may have a higher circle rate than any other property in the area.
  • Market trends of the Property:: Circle Rates may also vary based on trends prevailing in the market like  supply and demand position.

CIRCLE RATES IN NOIDA IN 2024 – SECTOR-WISE PER SQUARE METRE

The  Government of Uttar Pradesh (U.P.) fixes a minimum registration value,  called  Circle Rate, at which the property is registered  in Cities including NOIDA and other  areas. As already stated above, Circle Rates  differ  from city to city, from locality to locality.  from project to project and from building to building.

The following  are the Circle Rates for builder floors in Noida (residential units) for the year 2024.are available at the website of the Stamps and Registration Department of the Government of Utter Pradesh:

 

Sector

  

Circle

  

Circle

  

Circle

  

Circle
rate for rate for rate for rate for
12m 12m-18m 18m-24m above
road road road 24m
road
 

Sector 66, 102, 138,

  

Rs.

  

Rs.

  

Rs.

  

Rs.
139, 140, 140A, 141, 40,000 42,000 44,000 46,000
145, 146, 147, 148,
149, 150, 158-167,
NEPZ, Noida Phase 2
 

Sector 115

  

Rs.

  

Rs.

  

Rs.

  

Rs.
44,000 42,000 44,000 50,600
 

Sector 54, 57, 58, 59,

  

Rs.

  

Rs.

  

Rs..

  

Rs.
60, 63, 63A, 64, 65, 67, 44,000 46,200 48,400    50,600
68, 69, 80, 81, 83, 84,
85, 86, 87, 88, 89, 90,
91, 95, 101, 103, 106,
109, 111, 112, 113,
114, 116, 117, 118
Sector 104 RS. RS. RS. RS.
44,000 55,150 57,750 60,400
Sector 168 RS. RS. RS. RS.
52,500 52,500 57,750 60,400
Sector 1, 2, 3, 4, 5, 6, RS. RS. RS. RS.
7, 8, 9, 10, 11, 12, 22, 52,500 55,150 57,750 60,400
42, 43, 45, 70, 71,
71,73,74, 75, 76, 77,
78, 79, 107, 110, 119,
120, 121, 123, 125,
126, 127, 128, 129,
130, 131, 132, 133,
134, 135, 136, 137,
142, 143, 143B, 144,
151, 152, 153, 154,
155, 156, 157
 

Sector 15, 19, 20, 21,

  

Rs.

  

Rs.

  

Rs.

  

Rs.
23, 24, 25, 25A, 26, 27, 72,000 75,600 79,200 82,800
28, 29, 31, 32, 33, 34,
37, 40, 41, 46, 47, 48,
49, 53, 55, 56, 61, 62,
82, 92, 93, 93A, 93B,
96, 97, 98, 99, 100,
105, 108, 122
 

Sector 14, 14A, 15A,

  

Rs.

  

Rs.

  

Rs.

  

Rs.
16, 16A, 16B, 17, 18, 1,03,000 1,09,000 1,14,000 1,19,000
30, 35, 36, 38, 38A, 39,
44, 50, 51, 52, 94, 124

ADDITIONAL  COST ON COMMON FACILITIES

The  Government of Uttar Pradesh (U.P.) levies additional costs in Noida for common facilities provided in the group housing societies as below:

 

Common Facilities

  

Additional cost involved
 

Closed car parking

  

Rs.3 lakhs
 

Open car parking

  

Rs.1.5 lakhs
 

Community center

  

2% of the circle rate in that area
 

Gym

  

2% of the circle rate in that area
 

Swimming pool

  

2% of the circle rate in that area

CALCULATATION  OF CIRCLE RATES IN NOIDA FOR DIFFERENT TYPES OF PROPERTIES

APARTMENT

Applicable for EWS, Shramik flats & Noida authority flats.

The Sum of the following three items:

  • Flat built-up area (in square metre) multiplied by the applicable circle rate for flats in per square metre x (1+ total % loading for amenities) x (1 – floor relief)
  • Number of open car parking slots multiplied by 1,50,000
  • Number of covered car parking slots multiplied by 3,00,000

PLOT

Area of the plot (in square  metre) multiplied by the applicable circle rate of land in the locality in Rs. per square metre.

HOUSE BUILT ON PLOT

The Sum of the following two items:

  • Area of the plot (in square metre) multiplied by the applicable circle rate of the land in the locality in per square metre
  • Built up area (in square metre) multiplied by  construction cost (per square metre ) adjusted for age, which is calculated as [(Rate of construction per square  metre  less (Rate of construction) multiplied by (age of construction) multiplied by 9 divided by 80)]

BUILDER  FLOOR CONSTRUCTED ON INDEPENDENT PLOTS

The Sum of the following two items:

  • Proportionate share in the area of the plot (in square metre) multiplied by the applicable circle rate of the land in the locality in per square metre
  • Built up area multiplied by the minimum cost of construction in per square metre

INCOME TAX IMPLICATIONS –  CIRCLE RATES IN NOIDA

  • The Purchaser of any property  is required to pay capital gains tax  on the difference between the two values as per Section 56 (2)(x) of the Income Tax Act, if he buys  property a a rate, which is below the  applicable  circle rate limit. However, stamp duty has to be paid fully on the circle rate.
  • Similarly, the seller is liable   to pay capital gains tax on the difference between the two values

CALCULATION OF  PROPERTY VALUE WITH THE HELP OF CIRCLE RATES FOR ARRIVING AT STAMP DUTY  TO BE PAID IN NOIDA FOR TRANSFER OF IMMOVABLE PROPERTIES.

  • Property’s built-up area with other features like the construction age, amenities, plot area and floor .are to be checked.
  • The Appropriate type of property from the list of property types (whether a plot or an apartment or a builder floor) is to be chosen.
  • The area or locality of the property from the  classification  available on the  official registrar office website is to be chosen.
  • The property’s assessed value (minimum) according to the latest circle rates in Noida is to be calculated..

RATE OF STAMP DUTY IN NOIDA

The stamp duty rate is 7% in Noida.  In the case of a property bought in  the name of a woman  or in a joint ownership,  a  discount of Rs 10,000 is given  on properties

CONCLUSION

Circle rate, which  is also called  by the names collector rate or ready  reckoner rate or guidance value,  is the minimum price at which a property can be registered in a particular area. Land, being a State Subject, It is decided by the State government authorities,  taking into account various factors such as location, type of property, infrastructure, amenities, and demand for properties etc. in a particular area..

It is well known that generally the market rates of properties in India are higher than the circle rates fixed by the concerned authorities in the States and NOIDA is no exception, where a property has to be registered either on the actual transaction value or the minimum rate set by the government of Uttar Pradesh (U.P.), whichever is higher. There may be a rare case, where the actual price paid by a purchaser is less than the circle rate but such property has to be registered on the minimum rate set by the government of Uttar Pradesh (U.P.).

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