The Ghaziabad administration has increased the circle rate across the district with effect from August 24.While the hike ranges between 6 and 20 percent, the average increase in circle rate for the financial year 2022-23 is around 10-12 per cent. The hike comes after a gap of six years as the last time rates were hiked in 2016, according to the officials.
"The maximum hike is about 20 percent and the minimum is 6 percent. The average hike in the district is somewhere around 10-12 per cent. The hike has been more in the areas where more registries were taking place. The percentage increase in revenue due to the hike will be around 10-12 per cent," quoted by Additional District Magistrate (Finance and Revenue) Vivek Kumar Srivastava.
He further said that the administration has received a revenue target of Rs 2,835 crore for this financial year and the rates have been hiked keeping the target in mind.
The latest round of hike has made properties costliest in Kaushambi where the prices have been increased between Rs 82,000 and Rs 1, 13,000 per sq mt from earlier Rs 72,500-Rs 79,700.
In Vaishali, the new rates are in the range of Rs 77,000-Rs 1, 00,000 while it's in the range of Rs 91,000-Rs 1, 00,000 in Indirapuram. In Vasundhra, the new price ranges from Rs 64,000 to Rs 77000 while in Kavi Nagar, the latest rate is between Rs. 55,200 to Rs. 62,400. In Gandhi Nagar, the rate ranges from Rs 50,600 to Rs 52,600.
There are many areas where the market rate is low due to less development but the circle rate is high. For example, in commercial chamber in GDA tower, the registry is of around Rs 60 lakh while the market rate is around Rs 40 lakhs. Iif the registry will be for Rs 70 lakh, then neither anyone will come out to buy nor would anyone be able to sell it. The market has not developed at that scale but the circle rate has been increased.
A circle rate is a minimum rate at which a property is sold. This rate is also taken into consideration while registering properties. On the other hand, the rate at which the Ghaziabad Development Authority (GDA) or the Uttar Pradesh Housing Board sell properties is called sector rates.
