Ghaziabad’s Circle Rate Set for a 20% Hike, Its First Revision in 2 Years

Ghaziabad is poised for a substantial increase in its circle rates for residential and commercial properties, with the stamp and registry department proposing a 20% hike. This marks the first revision in two years and reflects significant infrastructural developments in the region, especially those related to improved connectivity.

Background and Justification

According to Pushpendra Kumar, Assistant Inspector General (AIG) of the Stamp and Registration department, Ghaziabad has experienced notable infrastructural changes over the past two years. The commencement of the Delhi-Meerut Rapid Rail Corridor in October 2023, along with the ongoing development of other connectivity projects like the Delhi-Dehradun Expressway, has significantly boosted property values along these routes. The increased demand for properties necessitates an upward revision in circle rates to align with current market trends.

Proposed Rate Hike

The proposed 20% hike in circle rates will affect both residential and commercial properties across Ghaziabad. A detailed survey conducted by the department indicated a significant rise in property market rates, prompting this revision. The proposal will be submitted to the district magistrate for approval, after which public objections and feedback will be invited before the new rates are implemented.

Residential Properties

- Indirapuram and Vaishali: The circle rate is expected to increase by Rs 11,600 per sqm, raising the rate from Rs 58,000 per sqm to Rs 69,600 per sqm.

- Crossings Republik: Here, the rate will increase by Rs 7,600 per sqm, from the current Rs 38,000 per sqm to Rs 45,600 per sqm.

- Wave City and Sun City: The prevailing circle rate of Rs 26,400 per sqm will rise by Rs 5,280 per sqm, setting the new rate at Rs 31,680 per sqm.

Commercial Properties

- Rakesh Marg and Nehru Nagar: The rate will rise by Rs 15,600 per sqm, from Rs 78,000 per sqm to Rs 93,600 per sqm.

- Sahibabad: An increase of Rs 16,800 per sqm will bring the rate from Rs 84,000 per sqm to Rs 100,800 per sqm.

- Ambedkar Nagar: The rate will increase by Rs 19,200 per sqm, from Rs 96,000 per sqm to Rs 115,200 per sqm.

- RDC Area: The highest increase will be in the RDC area, where the rate will go up by Rs 33,600 per sqm, from Rs 1,68,000 per sqm to Rs 2,01,600 per sqm.

Impact on Property Market

The hike in circle rates will lead to higher stamp duty for property transactions, effectively increasing the overall property prices. This adjustment aims to ensure that property transactions reflect the current market conditions, promoting fair valuation and transparency. While this may raise the cost of property ownership, it also underscores the region's growing infrastructural development and its resultant economic benefits.

Previous Revisions and Current Context

The last significant revision in circle rates occurred in the 2022-23 financial year, with a nearly 20% increase. However, the rates remained unchanged over the subsequent two fiscal years as market conditions did not warrant further adjustments. The current proposed hike is a response to the accelerated pace of infrastructural development, particularly the operational phase of the Delhi-Meerut Rapid Rail Corridor, which has enhanced connectivity and boosted property demand.

Conclusion

The proposed 20% hike in Ghaziabad's circle rates is a direct response to the city's evolving infrastructural landscape and the resultant increase in property values. As the proposal moves towards approval and public feedback, it is evident that this adjustment will bring significant changes to the property market. Property buyers and investors should prepare for increased costs, while also recognizing the long-term benefits of investing in a rapidly developing urban hub.

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