Ghaziabad administration proposes 10-20% hike in residential circle rates

The last hike in circle rates was announced in 2022 and officials aware of the development said that no hike was proposed in 2023 owing to assembly elections in the state

The Ghaziabad district administration has proposed an average hike of 10-20% in residential property circle rates in 2024, along with a 15-20% increase in commercial property rates and a 5-10% rise in agricultural land rates, said officials. Public objections to these proposed changes have been invited until August 24, after which the final rates will be notified, they added.

Officials have said that this year’s hike is aimed at aligning circle rates more closely with current market rates, thereby reducing illegal activities related to property transactions and mitigating revenue loss.  (Sakib Ali/HT Photo)

The last increase in circle rates was implemented in 2022, with no changes made in 2023 due to assembly elections in Uttar Pradesh. Officials have said that this year’s hike is aimed at aligning circle rates more closely with current market rates, thereby reducing illegal activities related to property transactions and mitigating revenue loss.

The last hike in circle rates was announced in 2022 and officials aware of the development said that no hike was proposed in 2023 owing to assembly elections in the state.

This year, the officials decided to bring the circle rates near the market rates to curb illegal activities in the sale/purchase of properties, and this also led to the loss of revenue.

According to officials, the first sales to allottees of properties are generally taken up by the development authorities and these are governed by the sector rates. The subsequent sale/purchase is taken up based on circle rates defined by the district magistrate each year.

“The proposed rates include a significant 10-20% increase for residential properties, 15-20% for commercial properties, and 5-10% for agricultural land,” said Pushpendra Kumar, assistant inspector general (stamps). He added that no special hike is planned for transit-oriented zones along the Regional Rapid Transit System project corridor.

“We have proposed an average 10-20% hike in rates of residential properties while an average of 15-20% hike has been proposed for commercial properties. The majority of agricultural land will have a 5% hike while in some areas the hike may go up to 10%. There is no special hike in transit-oriented zones defined alongside the corridor of the Regional Rapid Transit System project,” said Pushpendra Kumar, assistant inspector general (stamps).

Among the areas seeing the most substantial proposed increases are Wave City and Aditya World City, where residential rates may rise from ₹17,300 to ₹50,000 per square meter. “The rates in these areas were much lower than the market rates, necessitating a substantial hike,” Kumar added.

According to the provisional list of circle rates announced on Tuesday, other notable proposed increases include a rise in flat rates from ₹64,000 to ₹74,000 per square meter in Kaushambi, from ₹58,000 to ₹66,000 per square meter in Indirapuram and Vaishali, and from ₹52,000 to ₹60,000 per square meter in Vasundhara. In Mohiuddinpur-Kanawani (Indirapuram), a similar increase from ₹58,000 to ₹66,000 per square meter has been proposed.

Commercial properties are also set for significant hikes, with Raj Nagar District Centre seeing the highest proposed increase from ₹1,67,000 to ₹1,80,000 per square meter. In Ambedkar Road, the rates may go from ₹1,38,000 to ₹1,50,000 per square meter, while Indirapuram could see a rise from ₹1,08,000 to ₹1,22,000 per square meter. “Once the public objections are disposed of on August 28, the administration will finalise the new circle rates in the next two to three days,” Kumar added.