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Ghaziabad: The UP Housing Board The circle rates have been increased in the townships administered by it across the state. In Ghaziabad, revised rates will affect properties Vasundhara And Siddharth Viharwho are close RapidX Corridor Which is going to open this month.
Officials said the rates would be effective from April 1. He said that the board decided to hike the rates in Vasundhara and Siddharth Vihar as these two areas are witnessing a rise in demand for properties due to their proximity to the RapidX road.
“The board has hiked circle rates in all townships administered by it in the state. The revision in Ghaziabad will be applicable only in Vasundhara and Siddharth Vihar,” said Sunil Sharma, a property management officer of the board.
The amendment would mean that home buyers would have to pay more stamp duty, which would effectively increase the overall property rate.
The circle rate for flats developed by private companies and individual plots in Siddharth Vihar has been increased by Rs 850 per sqm. Officials said about a dozen such projects are coming up in Siddharth Vihar, which is spread over 635 acres.
The new circle rate in Vasundhara, divided into 19 sectors, will depend on the sector number.
For example, the rate for even-numbered sectors has been increased from Rs 66,300/sq.m to Rs.68,300/sq.m. The revised rate in odd-numbered areas is now Rs 61,900 per sqm, up from Rs 59,900 per sqm last year.
However, the rates for low-income group properties will remain the same. For example, there has been no change in the circle rate (Rs 55,600/sqm) for Brahmaputra Apartments in Siddharth Vihar. Similarly, there has been no revision in last year’s circle rate of Rs 43,800/sq m for Ganga, Yamuna and Hindon apartments in the area.
When asked about the hike, a senior board official said that both Vasundhara and Siddharth Vihar come under the “zone of influence” due to their proximity to the RapidX corridor.
The official said, “First, market sentiment has picked up in the realty sector post-pandemic. Second, the hike is not that sharp. I think the increase in circle rates is justified with the rising demand for property in these two sectors.” “
Realtors’ body CREDAI said the hike was unnecessary. Gaurav Gupta, secretary, NCR chapter of CREDAI, said, “The RBI has already increased home loan rates by 6.5 per cent to 9 per cent, which will anyway hit the pockets of buyers. The increase in circle rate will give them another blow.
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