GHAZIABAD: Affordable housing in the city might be a distant dream for the urban middle class already. With property prices already soaring to unprecedented levels, a 15% rise in the circle rates, which comes into effect from Wednesday, is set to push Ghaziabad’s housing market even further beyond the reach of average homebuyers.
The steepest hike in the rates will be felt in Wave City and Aditya World City along NH-9 where the circle rate for residential plots will go up from Rs 17,300 per sqm to Rs 35,000 per sqm.
In Indirapuram, the revised circle rate stands at Rs 95,000 per sqm, up from Rs 58,000 per sqm. In Kaushambi, the revised rate will be Rs 1.03 lakh per sqm from Rs 64,000 per sqm, while in Vaishali township, it has been hiked to Rs 97,000 per sqm, from the current Rs 58,000 per sqm.
Vasundhara, where the circle rate was Rs 52,000 per sqm, will now be pricier by Rs 28,000 per sqm.
The circle rate for commercial properties has been hiked from Rs 1.08 lakh/sqm to Rs 1.15 lakh/sqm while agricultural land is up by 10% across the district.
For commercial properties in Indirapuram and Vaishali townships, the new circle rate stands at Rs 1.15 lakh per sqm against Rs 1.08 lakh per sqm. In Ambedkar Nagar, a commercial hub, the new rate is Rs 1.50 lakh per sqm, up from Rs 1.38 lakh per sqm.
Agricultural land in Jagjivanpuram village will be costlier by Rs 70 lakh per hectare, up from Rs 1.07 cr per hectare. In Noornagar village, the revised rate is Rs 21.7 cr per hectare.
“In the last two years, the city has undergone infrastructural changes in terms of connectivity. The rapid rail has commenced operation and is in expansion mode. We already have metro connectivity and DME, and there are more expressways—the Delhi-Dehradun Expressway and others in the offing.
The market rate of properties has gone up, which was revealed in the survey by the department, and to tap into the growing market, the circle rate has been hiked across residential, commercial, and agricultural properties,” AIG stamp and registration department (Ghaziabad) Pushpendra Kumar said.
With six months left in the current fiscal, the stamp and registration department hopes the revised circle rates will take the revenue up from the estimated Rs 125 crore.
In the previous fiscal year, the state govt had set a target of Rs 3,104 crore for Ghaziabad. Kumar said 96% of the target was realised.
The circle rate remained unchanged for the two fiscal years since 2021-22.
