There is a possibility of a 20 percent increase in circle rate for residential and commercial properties in Ghaziabad adjacent to Delhi next month. After a survey, the Stamp and Registry Department is preparing a proposal for this, so that it can be presented before the District Magistrate or District Magistrate. The direct meaning of the increase in circle rate is that whoever buys a house in Ghaziabad now will have to pay more stamp duty, which will increase the total cost of the property. According to the news, it has been said that if the District Magistrate approves the proposal, then before implementing the revised rate, objections and feedback will be invited from the general public.
Market rates of property on Delhi-Meerut Corridor increased
According to the news of Times of India, a senior official of the Registration Department says that in the last 2 years, there have been many changes in the city in terms of connectivity. The official said that the Delhi-Meerut Rapid Rail operation was started in October 2023 and currently about 50 percent of the commercial operation has started on this corridor. We already have metro connectivity and many expressways. In our recent survey, it was revealed that the market rates of property on this corridor have increased. To keep up with this growing market, we have prepared to propose a 20 percent increase to the DM.
Where and how much can the rate increase
In Ghaziabad, the circle rate was last increased by about 20 percent in the year 2022-23. Since then it has remained unchanged. If the proposed increase in the circle rate happens, then the current rate in Ghaziabad’s Indirapuram and Vaishali, which is Rs 58,000 per square meter, is likely to increase by Rs 11,600 per square meter. In Crossing Republic, this circle rate will increase by Rs 7600 per square meter, while the current rate is Rs 38,000 per square meter. Similarly, Wave City and Sun City, where the current rate is Rs 26,400 per square meter, are likely to see a further increase of Rs 5280 per square meter.
This much increase will be seen in the commercial category!
Talking about the commercial category, Rakesh Marg and Nehru Nagar, where the current circle rate is Rs 78,000 per square meter, may see a further increase of Rs 15,600 per square meter. The current rate in Sahibabad is Rs 84,000 per square meter, here too, an increase of Rs 16,800 per square meter is expected.
