Expected 20% Increase in Circle Rates for Ghaziabad Properties

Ghaziabad circle rates for properties are set to rise by 20%. Learn what circle rates mean, their impact, and how public feedback is invited.

Understanding Circle Rates and Their Impact

Circle rates, determined by the state government, represent the minimum sale price for properties in a specific area. These rates help calculate stamp duty and registration fees, based on either the market value or the circle rate of a property, depending on which is higher. In Ghaziabad, a significant 20% hike in circle rates for both residential and commercial properties is anticipated next month. This proposal, suggested by the stamps and registration department, follows a survey highlighting Ghaziabad’s rapid infrastructure development. The proposal will soon be presented to the district magistrate for approval.

Implications of Higher Circle Rates

An increase in circle rates typically leads to higher stamp duty fees for potential homebuyers, ultimately raising the overall cost of properties. Pushpendra Kumar, Assistant Inspector General of Registration, spoke about infrastructure enhancements in connectivity, emphasizing the start of Delhi-Meerut rapid rail operations in October 2023. With commercial operations active on nearly half of the corridor, Ghaziabad also benefits from existing metro connectivity and multiple expressways, with projects like the Delhi-Dehradun Expressway underway.

The survey conducted by the department revealed a rise in property market prices within these corridors. As a result, the administration aims to leverage this growth by proposing a 20% increase in the DM circle fee for both residential and commercial properties.

Area wise circle rates in Ghaziabad, along with the proposed hike, for residential properties:

Area wise circle rates in Ghaziabad, along with the proposed hike, for commercial properties:

Public Consultation and Historical Context

Before implementing the new rates, the district magistrate will allow the public to express concerns and provide feedback on the proposed changes. In the fiscal year 2022-2023, Ghaziabad already saw a circle rate increase of over 20%. However, the following two fiscal years witnessed no further changes due to the market rates’ lack of proportional growth. This upcoming adjustment seeks to align official rates with the current market dynamics, ensuring the government captures the true value of the city’s evolving property landscape.