Ghaziabad has hiked circle rates for properties by up to 15%, with significant increases in key areas like Wave City, Aditya World City, and Indirapuram. Residential plot rates in Wave City rise from INR 17,300 to INR 35,000 per sqm, while Indirapuram's circle rate jumps from INR 58,000 to INR 95,000 per sqm. Commercial and agricultural properties see similar hikes, with rates increasing by 10%. The rise follows infrastructural developments, including metro and expressway expansions. The stamp and registration department aims to boost revenues from INR 125 crore mid-year to the fiscal target of INR 3,104 crore.
The recent hike in Ghaziabad's circle rates, up to 15%, is expected to significantly impact property prices, making affordable housing even more elusive for the urban middle class. Effective from Wednesday, this increase comes at a time when property values are already at record highs, and the hike is set to push the housing market further out of reach for average homebuyers.
The most substantial increases are focused on prime areas such as Wave City and Aditya World City along NH-9, where the circle rate for residential plots will jump from INR 17,300 per square metre to INR 35,000 per square metre. This sharp rise will make these areas particularly expensive for prospective buyers.
In other prominent localities, such as Indirapuram, the circle rate has surged from INR 58,000 per square metre to INR 95,000 per square metre. Meanwhile, in Kaushambi, the rate has increased from INR 64,000 to INR 1.03 lakh per square metre, and in Vaishali township, it now stands at INR 97,000 per square metre, up from INR 58,000. Similarly, in Vasundhara, the rate has risen from INR 52,000 to INR 80,000 per square metre, reflecting a substantial INR 28,000 increase.
The commercial property sector has also been affected by this rate hike. In Indirapuram and Vaishali, the new circle rate is INR 1.15 lakh per square metre, up from INR 1.08 lakh. In the commercial hub of Ambedkar Nagar, the rate has gone up from INR 1.38 lakh per square metre to INR 1.50 lakh. Agricultural land across the district has not been spared, with a 10% increase across the board. For instance, in Jagjivanpuram village, the rate has increased by INR 70 lakh per hectare, up from INR 1.07 crore, while in Noornagar village, it now stands at INR 21.7 crore per hectare.
This hike is attributed to the rapid infrastructural developments in the city over the past two years. Improved connectivity through the introduction of rapid rail, expansion of metro services, and the construction of new expressways like the Delhi-Dehradun Expressway have driven up market rates. According to Pushpendra Kumar, AIG of the stamp and registration department, these developments, revealed through a recent survey, prompted the government to revise circle rates for residential, commercial, and agricultural properties to align with market trends.
The state government aims to use these revised rates to boost revenue collections, with hopes of surpassing the current fiscal estimate of INR 125 crore. Last fiscal year, Ghaziabad achieved 96% of its INR 3,104 crore revenue target. The circle rates had remained unchanged since 2021-22.
In conclusion, the recent 15% hike in circle rates in Ghaziabad is set to significantly intensify the affordability crisis in the housing market, particularly in prime areas, while also affecting commercial and agricultural properties. Driven by rapid infrastructural developments, this increase aims to align property values with market trends and boost government revenue, posing further challenges for prospective homebuyers.
Advertisement
Facebook
Whatsapp
