Ghaziabad is set to increase its circle rate by 20% for residential and commercial properties. The circle rate, established by the state government, is the minimum price below which a property cannot be sold and is used to calculate stamp duty and registration charges. This proposed hike comes after significant infrastructural developments, such as the Delhi-Meerut Rapid Rail, which have raised property values. If the proposal is approved, higher circle rates will result in increased stamp duty and registration fees, thereby raising overall property prices. Public feedback will be sought before finalising and implementing the revised rates.
Ghaziabad is on the brink of a substantial change in its property market with a proposed 20% increase in the circle rate for both residential and commercial properties. This adjustment, the first of its kind in two years, is expected to significantly impact property buyers and market dynamics in the district.
The proposed circle rate hike comes amid significant infrastructural developments in Ghaziabad. Over the past two years, the city has seen major enhancements in connectivity, including the commencement of the Delhi-Meerut Rapid Rail service in October 2023. This service, which is now operational on nearly 50% of its corridor, is part of a broader network of infrastructure improvements that also includes the Delhi-Dehradun Expressway and other major expressways.
These infrastructural upgrades have led to a noticeable rise in property market rates in areas connected by these new corridors. The last adjustment to the circle rate was a 20% increase in the 2022-23 financial year. This rate remained unchanged over the subsequent two years as property market rates did not rise proportionately. Previous adjustments, such as those in Vasundhara and Siddharth Vihar, were driven by similar infrastructure-related changes.
The stamp and registry department has prepared a proposal for a 20% hike in the circle rate, which is now awaiting approval from the district magistrate. Once approved, the proposal will enter a period where public feedback and objections will be invited before the revised rates are finalised.
If implemented, the new rates will lead to higher stamp duty and registration charges for property transactions, effectively increasing overall property prices. For instance, the circle rate in Indirapuram and Vaishali is set to rise by INR 11,600 per square meter from INR 58,000 per square meter. In Crossings Republik, the increase will be INR 7,600 per square meter, and in Wave City and Sun City, the rise will be INR 5,280 per square meter.
In commercial areas, the proposed increases are even more pronounced. The circle rate in Rakesh Marg and Nehru Nagar will go up by INR 15,600 per square meter, while rates in Sahibabad, Ambedkar Nagar, and the RDC area will see increases of INR 16,800, INR 19,200, and INR 33,600 per square meter, respectively.
The proposed hike is aimed at aligning the circle rates with the current market conditions, reflecting the increased property values driven by recent infrastructural developments.
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