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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