The Ghaziabad Development Authority has proposed to increase sector rates and bring them on a par with circle rates that are decided by the district magistrate.
“Our rates are lower than the circle rates. As a result of the disparity, the GDA suffers heavy revenue losses. We have decided to hike sector rates and bring them on a par with circle rates,” GDA vice-chairman Santosh Kumar Yadav said.
“There will be a rise in sector rates whenever there is a hike by the district administration,” he added.
Sector rates are used for the first sale to the purchaser and the first registry.
The subsequent registry, if any, is decided by the prevailing circle rates fixed by the DM.
For instance, in posh areas of Ghaziabad, the GDA’s sector rates lag behind the circle rates by a wide margin. For instance, in areas like Surya Nagar, the present GDA sector rate is around Rs. 15,000 per sq m as compared to the circle rate of around Rs. 40,000 for the same area.
Similarly, in Kaushambi and Indirapuram, the sector rates are Rs. 16,000 and Rs. 15,000, as compared to the respective circle rates of around Rs. 45,000 and Rs. 40,000.
The circle rates are expected to be raised soon after the local body elections in the state. The sector rates could also be hiked if the authority has its way.
This could lead to an increase in prices of new GDA properties in the future.