Noida and Jewar may oversee significant price hikes for properties. This is due to a recent proposal from Gautam Buddha Nagar which outlines plans to increase circle rates, the minimum price at which a real estate property can be sold to a buyer as determined by the government, in both cities. This increase in circle rates would lead to an increase in the stamp duties a homebuyer would have to pay.

Under the proposal, high-rise apartments in Noida may see a 20 per cent increase, while Greater Noida is set for a 30 per cent hike. The most substantial rise is expected in agricultural land prices, with Jewar facing a 70 per cent increase, Greater Noida nearly 50 per cent, and Noida 40 per cent. Additionally, the proposal also introduces “location-based” pricing, which takes into consideration proximity to key infrastructure. As a result, for a 1,000 sq ft apartment in locations such as Jaypee Greens and Alpha-Beta-Gamma-Delta sectors, the total transaction cost (property price + Stamp Duty) could increase by 1.5 per cent.

This hike in price comes at the tail end of steadily decreasing demand for properties in the two cities. This decline is the result of rising prices and limited supply. Based on data from Anarock, the average cost of residential properties in Noida has jumped by 92 per cent between the end of 2019 and March 2025 — rising from Rs 4,795 per square foot to almost Rs 9,200 per square foot. In Greater Noida, prices have climbed even higher, registering a 97 per cent increase during the same timeframe — going from Rs 3,340 per square foot to Rs 6,600 per square foot.

Consequently, demand has fallen in a similar manner. In the first quarter of 2025 (January to March), residential demand in Noida fell by 12.5 per cent compared to the previous quarter, while Greater Noida experienced a 10 per cent decrease over the same three-month period. A condensed summary of expected change in transaction cost in Noida localities is given in the following table: