In a move that would significantly increase the cost of property acquisition, the Ghaziabad district administration has hiked circle rates between 6 and 20%. The average increase on the other hand is in the range of an average 10-15%. The hike comes into effect from August 24, 2022.
Recall here that the district administration has increased the circle rates after a gap of 6 years — circle rates were last hiked in 2016. That year, the Ghaziabad Administration had hiked circle rates in the range of 5%-10%.
Circle rate is the minimum value at which property has to be registered in government record after payment of stamp duty and registration charges. In Ghaziabad, circle rates are decided for residential and commercial properties based on their exact location and the road width around it. Properties are categorised as properties with up to 9 metre road width, properties with 9 metres to less than 18 metre road width, and properties with more than 18 metre road width.
Rates of property are going to be most affected in Kaushambi, where the circle rate has been increased to Rs 82,000-113,000 from Rs 72,500-79,700 per square metre (sqm). In Vaishali circle rates have been hiked to Rs 91,000-100,000 per sqm.
In Vasundhara, the starting point of circle rates is Rs 64,000 going up to Rs 77,000 per sqm.
“The maximum hike is about 20% and the minimum is 6%. The average hike in the district is somewhere around 10-12%. The hike has been in the areas where the registries were taking place. The percentage increase in revenue due to the hike will be around 10-12%,” said Ghaziabad additional district magistrate (finance and revenue) Vivek Kumar Srivastava.
Earlier, over the proposed circle rates hike, the Ghaziabad finance department received only 22 objections from across the district till the last date (August 3, 2022) for filing objections.
“On the last day of filing objections over the proposed hike, we received only 22 objections, in which some residents have requested to increase the rates in their areas while in others there is a request for lowering of rates. These will be disposed of on August 5, 2022. Since there are few objections, the proposed hike in rates will prevail, and increased rates will come into effect from August 25,” said Srivastava.
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An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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