Residential sectors of Noida-Greater Noida, Yamuna Expressway, and Ghaziabad will see the maximum increase in prices after the circle rates were raised, because of the huge transac tions done in this segment. TEAM TIMES PROPERTY writes

According to officials, though the circle rates are proposed to be increased in both rural and urban areas, residential sectors will see the maximum increase because of the huge transactions done in residential sectors like Noida Extension, Noida-Greater Noida Expressway, Crossings Republik, Raj Nagar Extension, Indirapuram's Shipra Sun City, etc.

In rural areas like Bahlolpur, Chotpur, Haibatpur, Naya Bans, Chhalera Bangur, and Hajipur the circle rates are in the range of Rs 7,000-15,000 per sq metre.

Ghaziabad The Ghaziabad district administration has also revised the circle rates. According to the new slabs decided by dis trict administration, the existing circle rates will be raised by 25%.

As the Indian Stamp Act 1899 is also applicable in Uttar Pradesh, the Ghaziabad district administration has brought the circle rates residential property on a par with commercial properties.

Thus, the circle rates of residential and commercial properties will be the same in areas like Chaudhary Mode, Nehru Nagar, RDC Complex, Ashok Nagar, Kavi Nagar, and Raj Nagar's area like Sectors 1, 2, 5, 9, 10, 11, 12, and 15.

G P Singh, additional inspector general (AIG) of stamp and registry department of Ghaziabad district, says: “The main reason for revising the circle rates is that the government is facing a loss in revenue through stamp duty. There is a huge gap between the market and government property prices. To fill the gap in revenue generation from properties, we have decided to increase the circle rates. To revise the circle rates we have adopted a new arrangement where the new circle rates will be recovered sectorwise. Earlier it was recovered by dividing the collection areas into Hindon and trans-Hindon zones.“

Prashant Tiwari, the CMD of Prateek Group, says: “The upward revision of circle rates shows that the demand for residential, commercial, and industrial land in Ghaziabad is rising. The raise could be 10-20% depending on land use. Developers will acquire land on revised circle rate on NH-24, NH-58, and other areas. This revision is good for developing the area, as there will be transparency in the flow of money . But, on the other hand, it is going to affect the cost of projects as developers are already burdened with multiple regulations and approvals that delay projects, not to speak of escalating cost of materials.“

Anil Mithas, the MD of Unnati Fortune Group, says: “The new circle rates are going to affect the affordable segment in Noida. Small developers are committed to complete their projects, but they need a friendly environment to begin new project.

This raise will force people to pay more for land and other formalities and is not favourable to buyers and developers.“