UP Housing Board proposes 16% hike in sector rates
Sector rates are different from circle rates. Authorities like the housing board and the Ghaziabad Development Authority initially sell the property on the basis of sector rates. Then, the district magistrate proposes the circle rates, which forms the basis for paying stamp duty during the resale of a property.Updated: Aug 01, 2019 02:07 IST
The UP Avas Vikas Parishad or the UP Housing Board has proposed a hike of 16% in sector rates and has sent a proposal to their headquarters in Lucknow. According to officials, the rates will come into effect once they receive a nod from the headquarters.
Sector rates are different from circle rates. Authorities like the housing board and the Ghaziabad Development Authority initially sell the property on the basis of sector rates. Then, the district magistrate proposes the circle rates, which forms the basis for paying stamp duty during the resale of a property.
The Vasundhara locality adjacent to Indirapuram is developed by UP Avas Vikas and comprises 19 residential sectors. It also provides commercial and market places besides other amenities. The housing board also has similar housing schemes at Siddharth Vihar near Vijay Nagar and also at Mandola in Loni.
“A proposal for 16% hike has been sent. However, a final approval is yet to come. The present rates in sectors 2, 4, 6, 8, 10, 12, 14, 16 and 18 of Vasundhara area is ₹56,700 per square metre and there is a proposal to hike the rates to ₹65,800 per sqm. The rates in sectors 1, 3, 5, 7, 9, 11, 13, 15, 17 and 19 are ₹51,200 per square metre and it is proposed to be hiked to ₹59,400 per square metre,” an official from the housing board said.
At Siddharth Vihar, the officials said, there is a proposal of hiking the existing ₹42,000 per square metre rate to ₹55,600 per square metre.
“However, there is a proposal that the rate for the Ganga Yamuna apartments in Siddharth Vihar not be hiked this year. The proposal for hiking the rates in Siddharth Vihar is due to the fact that the cost of providing Ganga water to residents is also included in the cost. There is a proposal to provide 12.5 cusecs of Ganga water through a new project. Hence, the rates have been proposed with a hike,” the official said.
He added that the board has also decided not to hike the rates in their Mandola housing scheme near Tronica City, Loni. The housing project is spread over 2,610 acres and is intended for developing 12,000 housing units. However, due to the ongoing farmers’ agitation, the construction and sale of properties have suffered in Mandola.
First Published: Jul 31, 2019 23:00 IST