Ghaziabad Administration To Implement New Circle Rates, Property Prices To Surge

Chai66

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posted on 5 months ago — updated on 1 second ago

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There is a possibility of an increase in the property rates in villages around Rajnagar Extension and Rapid Rail Station.

Ghaziabad administration will be implementing new circle rates which will lead to a spike in the property rates in the city. It is likely to come into effect from next month. A meeting regarding the surge in circle rates is expected to be held soon. After the survey report of areas in Ghaziabad, the proposed list of new rates was to be made available to the DM on Monday, July 15. The survey was incomplete in some regions. The concerned officials have asked for one or two more days to complete the necessary process to increase the circle rate. It will take 15 days for survey reports and objections. The new circle rate is expected to be implemented in the first week of August.

The Circle rate is the minimum value of a property which is fixed by the state governments. It is used for stamp duty, registration fee and taxation purposes. There is a possibility of an increase in the rates of villages around Rajnagar Extension and Rapid Rail Station. According to AIG Stamp Pushpendra Kumar, agricultural rates of the revenue villages where cultivable land is low will also be reviewed. If needed, agricultural rates will be abolished there, he added.

DM circle rates in the district have not increased for the last two years. The DM circle rate and the property rates in the market are different. Therefore, the new DM circle rate will be decided based on this difference. With the increase in circle rate, the price of houses and land in Ghaziabad is expected to increase.

The Ghaziabad Municipal Corporation has started assessing house tax for 2024-25 based on new rates which range from Rs 3.5 per sqft to Rs 4/sqft depending on the width of the road in front of the property and its location. The new tax slab is decided based on the DM circle rate, the width of the road outside the house and its location. The GMC official stated that if the road width is less than 12m then the house tax rate is Rs 3.5/sqft against Rs 1.61/sqft earlier. Similarly, for the road widths between 12m to 24m, the house tax rate is Rs 3.75/sqft against Rs 2/sqft earlier.