Uttar Pradesh plans significant hike in property circle rates

The Uttar Pradesh stamp and registration department plans to raise circle rates for residential and agricultural land in Gautam Budh Nagar starting April 1. This change follows recent increases in property allotment rates by local development authorities. Homebuyers are concerned as the proposed hike could increase their stamp duty costs. Circle rates may rise by 30% for residential properties and up to 70% for agricultural land, reflecting the recent surge in property prices. District officials will finalize the new rates after public feedback. They aim to ensure the rates align with current market values, which have not changed since 2019 due to the pandemic.