Ghaziabad News: In an unprecedented move, the Uttar Pradesh Housing Board has escalated the circle rates across its administered townships statewide. This change is set to affect the Ghaziabad properties in Vasundhara and Siddharth Vihar, known for their close proximity to the soon-to-be-open RapidX corridor.
The revised rates will be implemented from April 1 and are attributed to the recent surge in property demand around these areas, confirmed officials.
Higher Stamp Duty Inflates Overall Property Costs
Prospective homeowners are set to feel the pinch as the circle rate revision will lead to an increase in the stamp duty, hence escalating the overall property price. In Siddharth Vihar, where a dozen projects spanning 635 acres are in development, the circle rate for flats and individual plots built by private firms has risen by INR 850 per square metre.
Meanwhile, the circle rate adjustments in the 19 sectors of Vasundhara will be dependent on sector numbers. Sectors with even numbers will experience a hike from INR 66,300 to INR 68,300 per square metre, while odd-numbered sectors will see a rise from INR 59,900 to INR 61,900 per square metre.
No Change for Low-Income Group Properties
However, there’s relief for low-income group homeowners, as the circle rates for their properties will remain unchanged. For instance, the circle rate for properties like Brahmaputra Apartment in Siddharth Vihar and Ganga, Yamuna and Hindon apartments will continue to hold at last year’s rate.
A senior board official explained the decision for the rate hike, stating that both Vasundhara and Siddharth Vihar’s close proximity to the RapidX corridor created an “influence zone”. He commented that the current realty sector has seen a surge in market sentiments post-pandemic, making this hike justifiable.
Despite the board’s rationale, the Confederation of Real Estate Developers’ Associations of India (Credai) called the hike unnecessary. The secretary of Credai’s NCR chapter, Gaurav Gupta, highlighted that this rate hike, coupled with the RBI’s recent escalation of home loan rates, will put additional financial strain on the buyers.
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