While construction of the airport will help revive the market in this region, prices will not shoot up overnight. According to Anarock Research, the average price of units in Noida is Rs 4,780 per sq ft. In Greater Noida it is Rs 3,320 per sq ft and on the Yamuna Expressway, it is in the range of Rs 3,350 per sq ft.
Although in most cities properties are sold above the circle rate, in some cases, the property might be sold at the prescribed circle rates. The stamp duty has to be paid on this pre-decided circle rate. The market value of a property is the price which a buyer is willing to pay towards a property.
As per Section 50C if a property is sold below the Circle Rate, the circle rate of the property would be deemed to be the rate at which property has been sold and capital gains tax would be levied assuming that the property has been sold at the Circle Rate.
Sum of:
- Proportionate share in area of plot in square meter multiply by applicable circle rate for land in the locality in Rs. per square meter.
- Built up area in square meter multiply by minimum cost of construction in Rs. per square meter multiply by construction age factor (min to max)
In short, if circle rate is more than market value then you can exercise an option that you are not willing to pay stamp duty and registration charges as decided by the Sub Registrar. If the buyer will appeal for lower stamp duty then registration of sale deed will be pending till the matter is decided.
How is stamp duty calculated? If it is calculated based on the value of the property, then the property value at the time of registering it is considered. As stamp duty is a state tax, the exact amount also varies among different states. Generally, stamp duty ranges from 3-10% of the total property value.
Circle Rate in Lucknow
| List of Areas | Average Circle Rates |
|---|
| Jopling Road | Rs.7,761/sq. metres |
| Gomti Nagar Extension Road | Rs.3,478/sq. metres |
| Kanpur Road | Rs.3,280/sq. metres |
| Raibareli Road | Rs.3,338/sq. metres |
Circle rates can be defined as the minimum price at which any real estate asset has to be registered when being transferred. These rates are set by the state government and undergo revision from time to time. Usually, market rate is higher than the circle rates.
Property taxes are calculated by taking the mill rate and multiplying it by the assessed value of your property. The market value is then multiplied by an assessment rate to arrive at the assessed value.
The fee for property registration is payable over and above the stamp duty. The registration fee is applicable in case of properties that cost over Rs. This fee is usually calculated at 1% of the agreement value or the market value, whichever is lower.
Previous Transfer Charges in Noida Authority : 3-4% approx of the Cost of Property, Previous Stamp Duty Charges in Registrar : 5% of the Cost of Property + Rs 21,000 for the Registrar Fees.
Yes, all the charges put together can come up to 7% to 10% of the total market value of the property or more than that. In most states in India, 5% to 7% of the total market value of the property is charged as stamp duty while 1% is charged as registration fee.
The Transfer Memorandum (TM) is important in transactions related to leasehold properties. The TM is an official permission granted by the local development authority to the owner of the property, transferring his right of ownership. The TM is issued during sale/transfer of a leasehold property.
The registration fee for the property documents is 1% of the value of the property, subject to a maximum of Rs 30,000.
Property in Noida and Greater Noida is not freehold. You don't own the property, you only have it on lease. So, no property tax is payable.
The
stamp duty rates in our
stamp duty calculator and in this guide are accurate for the 2019/
2020 tax year.
Stamp duty rates.
| Purchase Price Of Property | Rate Of Stamp Duty | Buy To Let / Additional Home Rate |
|---|
| Up to £125,000 | 0% | 3% |
| £125,001 to £250,000 | 2% | 5% |
| £250,001 to £925,000 | 5% | 8% |
If you want to book an under-construction property in Noida, you must check the following:
- Clear title & Ownership by checking the Sale Deed, Bhulekh UP Land Records etc.
- Whether Change of Land Use (CLU) Certificate is received by the builder.
- Whether he has received all approvals from various government agencies.
