India, March 27 -- For the first time in nine years, the Uttar Pradesh Stamp and Registration Department is considering a 20% to 70% increase in circle rates, set to take effect on April 1. The proposed hike for high-rise apartments in Noida is expected to be 20%, while Greater Noida may see an increase of up to 30%. Circle rates for agricultural land are also set to rise, with Jewar experiencing a 70% increase, Greater Noida rising by nearly 50%, and Noida by 40%.

This has raised concerns among homebuyers, many of whom have been grappling with increase in property prices and many have been waiting for possession of their properties for years, a report published in the Hindustan Times said.

Sources had told Hindustan Times that circle r...