They pay a substantial amount in black and rest in white and on this legal payment they pay their stamp duty. Such practices are ill- legal and also have caused great losses in revenue to authority. To discontinue such ill legal activities authorities have introduced new revised and fixed circle rate. For example: If you have bought 100 sq metre in Sector- 18 of Noida at Rs1.80 lakh per sq m then you need to pay 8% of Rs 1.80 lakh but if you show that transaction has been carried at Rs 1 lakh then you will pay stamp duty on 1.5 crore, which is the value calculated on the basis of circle rate that has been decided to be Rs 1.50 lakh per sq m. This clearly means that, the minimum stamp duty on each land is now 12,000 per sq m in Sector 18 of Noida. So you will pay the stamp duty on whichever amount is higher.
The new rates will be implemented from 15 June 2006. For residential, commercial, institutional and industrial area the circle rate has been increased from 33% to 100%. For residential plots the circle rate is increased to Rs 15,000 to Rs 30,000 per sq m depending on the area.