In the latest news, the UP government is all set to revise the circle rate in Noida and Greater Noida this year, owing to a remarkable property rate hike since the last major circle rate change. These yearly rate updates usually take place on 1st August, and vary across localities within an area. You can easily identify the circle rate for loan against property.
Having a detailed knowledge of the latest circle rates in Noida can help individuals determine their payable stamp duty and, hence, required home loan during property purchase. Thereafter, they can choose a suitable property as per their budget.
Circle rate is the minimum rate per square feet of a property in a locality, fixed by government authorities and calculated By using a Loan Against Property EMI Calculator. This value is used to determine the stamp duty applicable on purchase, transfer, and sale of a property.
Any land or property transaction in Noida cannot be registered at a cost below this rate fixed for the area. Financial institutions also consider these rates while sanctioning property loans. The government notifies circle rate in Noida through the area’s registrar or sub-registrar office.
Circle rate in Greater Noida may vary depending on several factors. The foremost of them is the type of residence. Generally, the circle rate per square metre for Shramik flats in Noida is Rs.25,000. This rate becomes Rs.28,000 per square metre for EWS flats.
Besides, here is a table enlisting these rates for builder flats in different areas of Noida for reference. If you need any kind of further assistance, please make us of the Bajaj Housing Finance Customer Care.
Individuals looking for a circle rate in Noida for builder floors in different sectors, should consult the following table.
Individuals may need to pay additional charges besides the above rates depending on the amenities available within their property. These can include gym, car parking, and swimming pool, among others.
Currently, the government charges a 7% stamp duty for men, women, and joint owners. This percentage is assessed according to the set property circle rate in Noida. However, if an individual purchases a property at a higher rate than its circle value, they need to pay 7% stamp duty on this amount.
Therefore, upon purchasing a property with government-prescribed circle rate of Rs.70,000 at Rs.80,000, individuals will pay 7% of Rs.80,000 as stamp duty.
Note that buyers also need to pay an additional registration charge of Rs.10,000.
Here is a quick guide on how to determine property value based on circle rate in Noida.
Thereafter, calculate property value using formula:
Value of property = Circle rate x built-up area
Keeping all the above factors in mind can greatly help individuals take wise financial decisions during a property purchase in Noida.
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