Ghaziabad Circle Rate Hike: Property prices likely to increase next month. Here're the proposed new rates

economictimes.indiatimes.com:

Ghaziabad's stamp and registration department has received only 20 objections to the proposed 15 per cent to 20 per cent hike in circle rates for both residential and commercial properties. The window for filing objections or providing feedback will close in three days, with the revised rates expected to take effect on September 15, following the government's redressal of concerns on August 28, a TOI report stated.

Public Response and Feedback

Assistant Inspector General of the Stamp and Registration Department, Pushpendra Kumar, emphasized that objections and feedback must be solicited from the public before implementing any rate changes. «So far, only 20 objections have been filed, most of these are in the form of feedback from the Modinagar area, and people have supported the increase in the circle rate,» Kumar noted. The department will consider these objections on their merits during the August 28 meeting.

Impact of Rate Hike

The proposed hike follows a 20 per cent increase in the 2022-23 financial year, with no changes in the subsequent two fiscal years due to stagnant market rates. A higher circle rate implies that homebuyers will face increased stamp duty costs, which in turn will raise overall property prices.

Ghaziabad Proposed Circle Increases

Indirapuram and Vaishali

• Current rate: Rs 58,000 per sqm
• Proposed increase: Rs 11,600 per sqm
• New rate: Rs 69,600 per sqm

Crossings Republik

• Current rate: Rs 38,000 per sqm
• Proposed increase: Rs 7,600 per sqm
• New rate: Rs 45,600 per sqm

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