The Ghaziabad Stamp and Registration Department has proposed a significant increase in circle rates for both residential and commercial properties, ranging from 15% to 20%.
As reported by the Economic Times, this adjustment is set to take effect on September 15. The department is currently collecting public objections and feedback, with the submission window closing on August 28.
According to Pushpendra Kumar, Assistant Inspector General of the Stamp and Registration Department, only 20 objections have been received so far. These objections are mostly from the Modinagar area. Kumar noted that the feedback has been generally supportive of the rate increase. The department will review these objections during a meeting on August 28 to address any concerns before finalizing the new rates.
The proposed rate hike follows a previous 20% increase applied during the 2022-23 financial year. There were no changes in the following two years due to stagnant market conditions. The new hike will result in higher stamp duty costs, which is expected to raise overall property prices. Homebuyers will face increased initial costs, and property values are likely to rise as a result.
Here is a detailed breakdown of the proposed circle rate increases for various areas in Ghaziabad:
Residential Areas
- Indirapuram and Vaishali
- Current Rate: ₹58,000 per square meter
- Proposed Increase: ₹11,600 per square meter
- New Rate: ₹69,600 per square meter
- Crossings Republik
- Current Rate: ₹38,000 per square meter
- Proposed Increase: ₹7,600 per square meter
- New Rate: ₹45,600 per square meter
- Wave City and Sun City
- Current Rate: ₹26,400 per square meter
- Proposed Increase: ₹5,280 per square meter
- New Rate: ₹31,680 per square meter
Commercial Areas
- Rakesh Marg and Nehru Nagar
- Current Rate: ₹78,000 per square meter
- Proposed Increase: ₹15,600 per square meter
- New Rate: ₹93,600 per square meter
- Sahibabad
- Current Rate: ₹84,000 per square meter
- Proposed Increase: ₹16,800 per square meter
- New Rate: ₹100,800 per square meter
- Ambedkar Nagar
- Current Rate: ₹96,000 per square meter
- Proposed Increase: ₹19,200 per square meter
- New Rate: ₹115,200 per square meter
- RDC Area
- Current Rate: ₹1.68 lakh per square meter
- Proposed Increase: ₹33,600 per square meter
- New Rate: ₹2.01 lakh per square meter
The proposed increase in circle rates for Ghaziabad is expected to affect both residential and commercial property markets. The public has a short window to provide feedback before the new rates are finalized. Prospective buyers and investors should stay informed about these developments to effectively plan their property transactions.