Buying property in Faridabad has become costlier. The district administration has hiked the circle rates up to 25 percent. The new rates have come into force from April 1.
“We could not hike circle rates in the recession period and now as the market has stabilised, we thought circle rates should be revised upwards,” Praveen Kumar, Faridabad deputy commissioner said.
He added, “Every effort has been made to ensure that the hike should not pinch the common man.”
The new circle rates in commercial areas in Eros, Charmwood, Greenfield Colony, Inderprastha Colony, Springfield Colony, Itmadpur, Kant Enclave, Ashoka Enclave have been fixed at Rs 31,250 square yard.
There has been a considerable rise in circle rates in R-Zone area, which mostly falls across Nehar, popularly called Neharpar. Circle rates have gone up from Rs 48 to 50 lakh per acre to Rs 55 lakh per acre.
In the industrial segment, Mathura road area is costlier. Rs 4 crore per acre has been fixed as new circle rate in Sector 30-31, close to Mathura road. In other places on Mathura road, over Rs 3 crore per acre has been fixed as new circle rate.