Tag Archives: circle rate

Process of Property Registration

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We’ll discuss some of the main points on the entire process of registration of a property in India. Although this process is quite complex, it may require a lot of time and effort by the registry office to complete. So let’s start the process of registering a property in India with propertywala.

Karnataka Property Registration - Procedure and Charges - IndiaFilings

STEPS OF PROPERTY REGISTRATION IN INDIA:

  1. The first step is to choose the property and look for all the details in the property. Negotiate with the seller. Pay 10% booking amount. Then we have an agreement to sell.
  2. Buyers should check that there are no liens or other encumbrances on the property before they make an offer.
  3. Calculate Stamp Duty. Stamp Duty is the tax levied on the transfer of real property in the state. Stamp duty rates vary from state to state. It’s calculated either on the circle rate or on the market rate, whichever is higher. It’s generally 3-10% of the property value and 1% is the registration charge.
  4. There are three methods for paying stamp duty, as follows:
    1. Method 1 – Non-Judicial stamp paper (picture). If stamp duty is Rs. 1 lakh, buy papers worth Rs 1 lakh, where sale deed will be printed on an official stamp paper.
    2. Method 2 – Franking method – Print the sale deed on plain paper. Pay stamp duty in the cheque, cash, online, or DD draft. Then the bank attests to the sale deed.
    3. Method 3 – E-Stamping (picture) – it will mention all details – generated online – Go to Stock holding corporation of India – www.shcilestamp.com. Payment will be made only at authorized centers. Collect e-stamp then.

HOW TO CALCULATE STAMP DUTY:

Now, buyers should also be aware of the Stamp duty calculation. They should also know that this tax is payable when they register their property.

For example, if the actual value is Rs. 40 lakhs and the circle rate is Rs. 50 lakhs, then you have to pay stamp duty at the highest rate out of the two. Hence, in this example, because the circle rate is greater than the actual rate then you have to pay a stamp duty of Rs. 50 lakhs.

And in another case, let’s assume that you bought a property in India with a market value of Rs 90 lakhs and the circle rate was Rs 80 lakhs. In this case, you would have to pay a stamp duty of Rs 90 lakhs. Therefore, you can calculate your stamp duty. In addition, you can also estimate stamp duty online because it varies differently and is higher in large cities and towns than in small towns or cities.

5. The next thing is a draft and print sale deed or conveyance deed, or gift deed. It mentions all details like name, address, age of both the buyer and seller, etc. It provides details about payment, including through cheque, cash, or any other method. After that, you have to print the sale deed on stamp paper and then sign each page of the sale deed. Two witnesses also have to sign the last page of the sale deed.

6. After drafting and printing the sale deed, you must register it at the sub-registrar office. The office should be located in a fixed zone of your property’s locality. To schedule an appointment online or to obtain a token number, contact the sub-registrar office by phone or in writing. Both buyer and seller should attend the registration; witnesses should be present as well. If either of them cannot attend, they must appoint someone to act on their behalf with power of attorney. All parties should bring documents such as an Aadhaar card and an identity document. Three photographs will be attached to the sale deed, and both buyers and sellers will be asked to sign their names in the presence of a sub-registrar. Fingerprints will also be taken for security purposes.

7. After that, you have to collect the registered sale deed. The deed can be collected within 15-20 days. If you took a bank loan, the bank will collect the original deed.

8. Now that the registration process is over and the property transfer is complete, you need to change the name in the land records. This process is called a mutation. If your property is located in a rural area or outside municipal limits, you will have to change the name in land records. The mutation has different names in different states. For example Jamabandi in Haryana, Punjab, and Rajasthan; Khatauni in Uttar Pradesh; 7/12 in Gujarat and Maharashtra; and Khatian in Orissa, West Bengal, and Bihar. After you register your property, the whole process of registration of your property is completed.

New circle rate of Noida 2022, All you need to know

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In India, every state denotes the circle rates or it requires the minimum value of that area to calculate the stamp duty charge on the sale, transfer, and purchase of a property. Therefore, the rates depend on locality and are calculated on different parameters. The Uttar Pradesh (UP) government sets a minimum registration charge for residential properties. But, that must be registered in Noida and Greater Noida, this minimum value is also known as the circle rate in Noida. But, below the circle rate, property buyers are not able to register a purchased property in Noida. 

Recently, Noida’s new circle rates for 2022 are reviewed by the financial institutions to issue loans for properties therefore Circle rate is also called the ready reckoner rate or guidance value in Noida. Thus, the UP government slashed the circle rate for commercial properties in the recent development of regions by 21%. Further, details are mentioned by propertywala.com

Circle rate in Noida 2022, sector-wise for flats and apartments (sector-wise):

The circle rate for flats available by those categorized under the economically weaker section(EWS) in Noida is ₹ 28,000 per square meter while the circle rate for Shramik Flats in Noida is ₹ 25,000 per square meter. Besides these, the circle rate of remaining flats and apartments are given in the table:

SectorCircle rate for 12m road (Sq Ft/Mtr) Circle rate for 12m-18m road (Sq Ft/Mtr)Circle rate for 18m-24m road (Sq Ft/Mtr)Circle rate for above 24m road(Sq Ft/Mtr)
Sector 66, 102, 138, 139, 140, 140A, 141, 145 – 150, 158-167, NEPZ, Noida Phase 2INR 40,000INR 42,000INR 44,000INR 46,000
Sector 115INR 44,000INR 42,000INR 44,000INR 50,600
Sector 54, 57- 60, 63, 63A, 64, 65, 67-69, 80, 81, 83-91, 95, 101, 103, 106, 109, 111, 112, 113, 114, 116, 117, 118 INR 44,000INR 46,200INR 48, 400INR 50, 600
Sector 104INR 44,000INR 55,150INR 57,750INR 60,400
Sector 168INR 52,500INR 52,500INR 57,750INR 60,400
Sector 1-12, 22, 42, 43, 45, 70-79, 107, 110, 119-121, 123, 125-137, 142, 143, 143B, 144, 151-157INR 52,500INR 55,150INR 57,750INR 60,400
Sector 15, 19, 20, 21, 23-25, 25A, 26-29, 31-34, 37, 40, 41, 46-49, 53, 55, 56, 61, 62, 82, 92, 93, 93A, 93B, 96-100, 105, 108, 122INR 72,000INR 75,600INR 79,200INR 82,800
Sector 14, 14A, 15A, 16, 16A, 16B, 17, 18, 30, 35, 36, 38, 38A, 39, 44, 50, 51, 52, 94, 124INR 1,03,000INR 1,09,000INR 1,14,000INR 1,19,000

Parameters Affecting Circle Rates in Noida:

Accordingly, list of Circle rates are regulated by many factors, there are some parameters which affect the circle rates in Noida are listed below;

  1. Amenities And Market Values – 

Amenities and Market Values play an important role in the circle rate of the particular area and the Stamps and Registration Department, Uttar Pradesh fixes circle rates in Noida after considering the market value and the amenities available in that area. Therefore, there are also luxury apartments in Noida with superior amenities. For Example – covered parking would attract a higher circle rate. So, in Noida, the Department charges Rs 1.5 lakh for open parking and Rs 3 lakh for covered parking. In fact, for societies that have better amenities than others, the circle rates are high for those group housing societies. 

Here, the UP government in Noida has charged additional costs on common facilities provided in the group housing societies as mentioned below – 

Common FacilitiesAdditional cost involved
Closed car parkingINR 3 lakhs
Open car parkingINR 1.5 lakhs
Community center2% of circle rate in that area
Gym2% of circle rate in that area
Swimming pool 2% of circle rate in that are
  1. Types of Property – 

Here, circle rates are defined on the basis of types of properties. It varies for flats, independent houses, apartments, and as well as plots in the same sector. The government charges higher rates for commercial properties as compared to residential properties. In fact, in the case of buildings with four floors and above which are capped at 20% of the minimum value, the Government provided relief of 2% per floor for high-rise apartments.

Importance of circle rate in Noida:

  • Property Registration: If the buyers know the circle rate of their desired property then they can easily go through a convenient registration process by paying the fixed stamp duty and registration charges. Thus, Buyers can register it only in Noida properties.   
  • Property Valuation: Buyers can easily assess the minimum value of their desired property with the help of circle rates in Noida. Meanwhile, all they need to do is visit the stamps and registration charges portal of the UP state Government. Later, search their selected locality in the circle rate list in Noida.
  • No False Transactions: There are also lower chances of false transactions when it comes to buying a property in Noida because circle rates in Noida are fixed values of properties evaluated and disclosed by the state government. 
  • Revenue Generation: At last, the state government in Noida calculates the circle rates and approves the total percentage of stamp duty charges on the basis of property locations. For Example – rural areas, urban areas, and posh areas. So, the circle rate in Noida helps the state government generate revenue by collecting Stamp duty and registration charges at the time of property registration. 

How to Check the latest Circle Rates in Noida Online:

The following steps help you to check circle rates in Noida for a property in your preferred locality. 

Step 1: Firstly, log in to the Stamps and Registration Department and then the UP website to check circle rates in Noida in just a few clicks.

Stamps & Registration Department, UP Website Homepage

Step 2: Secondly, click on the enter button and you will be redirected to the below-shown page simultaneously.

Stamps & Registration Department, UP Website Homepage

Step 3: Later, provide all the evaluation list details such as District and Sub-Registrar Office details, and get the current circle rate in Noida.

Evaluation List Details

Step 4: At the end of the online process, click on View details and you can get the list of circle rates for the District you have selected.

Circle Rates in Noida

Delhi Government cuts Circle Rate up to 20%- A Boost to Real Estate?

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Real estate experts welcomed Delhi Government initiative to cut circle rate by 20%. They expressed their opinions and said the reduced circle rates would translate into a lower real estate valuation.

The Delhi Government has announced that it is reducing the circle rate of properties by 20%. The announcement was made on Friday and this reduction is valid for 6 months. Delhi Government has taken this decision to boost the pandemic hit real estate sector. This new order is valid for all real estate categories including commercial, industrial, and residential properties across Delhi. 

The decision was made during a Delhi government Cabinet meeting chaired by Arvind Kejriwal. However, Delhi Deputy Chief Minister Manish Sisodia announced the circle rate reduction on Twitter. 

Tweet by Manish Sisodia– “The Circle rates of commercial, industrial, residential, properties in Delhi reduced by 20% across all categories for next 6 months. This relief will boost up the real estate sector and is a big relief for people willing to buy property in Delhi”.

What is Circle Rate?

Circle rate also known as “Floor price” and “Ready Reckoner Rate”. The circle rate set by the state government’s revenue department. It is the minimum value at which the sale of a flat, plot, commercial property, independent house can occur.

In other words, it is the minimum amount below which no property can be registered in government records. It varies and differs within the cities in the same state. The government may change circle rates from time to time depending on the supply, demand, and growth of the region.

Experts Opinion on Reduced Circle-

Real estate experts and developers welcomed Delhi Government initiative to cut circle rate by 20%. They expressed their opinions and said the reduced circle rates would translate into a lower real estate valuation. This will help the interested buyers who postponed their plans to buy real estate, because of high property prices in Delhi. 

The high circle rates have increased the rates of property beyond the capacity of an affordable buyer. This cut in circle rates will somehow reduce the property price and help peoples willing to buy property in Delhi.

The real estate sector was badly hit by the pandemic and now high raw material cost is creating new problems. However, the real estate industry is reviving and decision of a lower circle rate will be a boost for the sector. It will make properties more affordable and now people can buy their dream property easily.