Ghaziabad Development Authority (GDA) has begun the process for revising the circle rates of properties for this financial year. The authority is inclined to keep the rates unchanged or to go for a minimal change in the circle rates this year. For the past three years, Ghaziabad had consistently increased the circle rates for properties. Last time, officials had increased the circle rates by 4% to 5% in 2015-16 only for residential plots. The circle rates remained untouched for commercial properties as well as properties in notified industrial areas.
Authorities opinioned that the slump in real estate sector, public objections and the government views on the situation will play key role in finalizing the circle rates for this year. Even though, the general view of the public is not to increase the circle rates, the authorities will also keep an eye on the annual revenue targets for the year. It is also to be noted that the stamp and revenue departments has failed to meet their annual targets for the past two years set by the government. The builders opinioned that circle rate hike should be realistic after analyzing the ground realities.
Earlier, towards the May end, both Gurgaon and Noida had proposed to revise their circle rates. While Noida is expected to hike the rate, Gurgaon is likely to slash the rates by almost 15 % for the next year. Circle rates are the minimum rate at which property transactions or sales happen in a particular region.