The Ghaziabad district administration on Wednesday heard 49 objections to the proposed hike in circle rates and officials, who were part of the hearing, said the proposed average hike of 10-20% in residential property, 15-20% in commercial property rates and a 5-10% rise in agricultural land, is likely to come into effect.
The 49 objections were heard by officials and district magistrate Indra Vikram Singh. Officials said most of the objections sought a reduction in circle rates in urban colonies while many farmers demanded a hike in circle rates in rural segments.
โAll objections were heard and all sub registrars were asked to make a detailed analysis of objections received in next two days. The farmers demanded a hike as the believe that their land may go for infrastructure projects and the hiked rates will fetch them a better price. Likewise, people in city areas demanded a reduction in rates. These are mostly small developers who felt that a reduction in rates would increase their sales,โ said Pushpendra Kumar, assistant inspector general (AIG, stamps).
New rates may be notified by next week
Officials said once sub registrars finalise the details of objections, the administration is likely to notify the new rates by next week.
The last increase in circle rates was in 2022. No changes were made in 2023 owing to the Uttar Pradesh assembly elections. Officials have said this yearโs hike is aimed at aligning circle rates more closely with current market rates, thereby reducing illegal activities related to property transactions and mitigating revenue loss.
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According to officials, the first sale to allottees by development authorities is governed by sector rates. All subsequent sales/purchases are done based on circle rates, which are defined by the district magistrate each year.
โIt is likely that the proposed circle rates may not change except in a few cases in some areas. The overall proposed hike, 10-20% for residential, 15-20% for commercial and 5-10% for agriculture lands, may prevail this year,โ the AIG said.
Among the areas seeing the most substantial proposed increases are Wave City and Aditya World City, where residential rates may rise from โน17,300 per square metre (sqm) to to โน50,000 per sqm.
โThe circle rates in these areas were lower than the market rates and the proposed hike aims to bring them on par with market rates. Many farmers wanted to hike the rates while developers wanted the rates to be lowered. A decision in this regard will be taken by the district magistrate,โ said Kumar.
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According to the provisional list of circle rates announced in August, other proposed hikes include an increase in flat rates from โน64,000sqm to โน74,000sqm in Kaushambi, from โน58,000 to โน66,000 per sqm in Indirapuram and Vaishali, and from โน52,000 to โน60,000 per sqm in Vasundhara. In Mohiuddinpur-Kanawani (Indirapuram), rates will increase from โน58,000 to โน66,000 per sqm.
Impact on commercial properties
Commercial properties are also set for significant hikes, with Raj Nagar District Centre seeing the highest proposed increase from โน1,67,000 to โน1,80,000 per square metre. In Ambedkar Road, the rates may go from โน1,38,000 to โน1,50,000 per square metre, while Indirapuram could see a rise from โน1,08,000 to โน1,22,000 per square metre, said officials.
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