The Ghaziabad district administration hiked circle rates of residential areas by 2 to 5% for 2016-17, effective from Monday. The rate hike for residential areas last year averaged at around 5%.
Based on the present hike, Kaushambi is still the prime residential locality with the highest rates among residential areas, ranging from Rs.72,500 to Rs.79,700 per square metres (sqm). The varied rates are based on whether the property is located on a road up to 30-metres-wide, 31 to 60-metres-wide or above 60-metres-wide.
Kaushambi is followed by the eight sectors of Indirapuram where the new rates stand between Rs.66,500 and Rs.73,100 per sqm, based on road widths. The locality earlier had an average rate of nearly Rs.72,600 per sqm.
The rates in nearby Vaishali have now gone up to between Rs.67,500 and Rs.74,200 per sqm based on road width. The rates here averaged nearly Rs.73,700 per sqm previously. Similarly, circle rates in Surya Nagar, Ramprastha and Chander Nagar have also been brought at par with Vaishali. Their rates stood at around Rs.73,700 per sqm on average until recently. The circle rates in Vasundhara will now go from Rs.61,600 sqm to between Rs.56,500 and Rs.62,100 per sqm.
“The rates have been increased marginally from Rs.500 to Rs.1,000 per sqm as compared to previous years. There has been no increase in industrial and commercial property rates this year. The rates will come into effect from August 8. There are several villages whose residents had opted for higher circle rates, so several villages were given a hike of 10% as compared to previous years,” said Rajesh Sharma, assistant commissioner (stamps).
“The hike has been marginal in residential areas this year and most of the objections from the public were accepted before deciding on the final rates. We are still open to accepting objections from commercial property owners if their land cost and carpet areas differ. They should come with documentary evidence and submit it to us for any revision,” he added.
The circle rate hike comes despite a slump in the real estate market. In contrast, a couple of months ago, the Gurgaon district administration had proposed a 15% reduction in circle rate across all segments for the 2016-17 fiscal.