Ghaziabad Development Association (GDA) has hiked the circle rates in residential areas by 2 to 5 per cent for the year 2016-17’. There is no hike this year for commercial and industrial property. The new rates are applicable from August 8, 2016. The association had proposed the hike earlier in July.
On basis of the new rate, Kaushambi will be the most high in terms of circle rates in the residential category with Rs 72,500 to Rs 79,700 per square metre. In the sectors of Indirapuram, the new rates will be between Rs 66,500 to Rs 73,100 per square metre.
In Vaishali, the rates have witnessed a hike with Rs 67,500 and Rs 74,200. The circle rates in areas like Surya Nagar, Chander Nagar and Ramprastha have also been raised in par with Vaishali. The difference in the rates is dependent on how far the property is located from the property from the road, say upto 30 metre, 30-60 metre and above 60 metre.
After proposing the circle rate hike last month, the authority has now finalized the decision after considering the opinions and objections from the residents, said the assistant commissioner of stamps. He also said that the rates have been increased marginally from Rs 500 to Rs 100 per square metre compared to the previous years.
Earlier, Gurgaon has approved a circle rate reduction by 15 per cent due to slump of real estate market. On contrary, Noida had hiked it by 14 per cent causing wide range of protests.