Saturday, 7 June 2008
Circle rates soar in Ghaziabad
The huge demand for residential, industrial and commercial plots has pushed up the circle rates here, says A K Tiwary
After Noida and Greater Noida, it is now the turn of Ghaziabad to see an increase in the rates in land meant for residential purposes. New circle rates have been proposed to bridge the gap between real estate prices and existing sector rates. The sub-registrar offices have already submitted their proposals.
Circle rates soar in Ghaziabad
The huge demand for residential, industrial and commercial plots has pushed up the circle rates here, says A K Tiwary
After Noida and Greater Noida, it is now the turn of Ghaziabad to see an increase in the rates in land meant for residential purposes. New circle rates have been proposed to bridge the gap between real estate prices and existing sector rates. The sub-registrar offices have already submitted their proposals.
M P Singh, deputy commissioner (stamp), says: after receiving the objections district administration will revise the new circle rates. The new circle rates are likely to be effective from June 16th. According to proposed circle rates, near NH-24, circle rates have been hiked from 80 lakh to 1 crore per acre in Mehrauli village.
The new rates have been hiked on basis of distance covered from National Highway. In Morta Duhai village the new rates are Rs 1 crore to Rs 1.20 crore up from Rs 50 to Rs 60 lakh per acre. The current circle rate of village Bamheta is Rs 40 to Rs 50 lakh per acre, which has now been pushed up to Rs 80 lakh to Rs 1 crore per acre.
In revenue oriented villages like Dundaheda, Arthla, Sihani, Nahal, Dhukna, Karhaida, Masuri, Dasna, Akb a r p u r- B e h r a m p u r, Mainapur and Sadarpur the circle rate has been hiked from Rs 20 lakh to Rs 1.30 crore per acre. Basically these villages are near to NH-24 and most of the high-tech townships and developmental projects are coming up here, and naturally, land becomes costlier, says Rakesh Yadav, Antriksh Builders.
The new rates have been hiked on basis of distance covered from National Highway. In Morta Duhai village the new rates are Rs 1 crore to Rs 1.20 crore up from Rs 50 to Rs 60 lakh per acre. The current circle rate of village Bamheta is Rs 40 to Rs 50 lakh per acre, which has now been pushed up to Rs 80 lakh to Rs 1 crore per acre.
In revenue oriented villages like Dundaheda, Arthla, Sihani, Nahal, Dhukna, Karhaida, Masuri, Dasna, Akb a r p u r- B e h r a m p u r, Mainapur and Sadarpur the circle rate has been hiked from Rs 20 lakh to Rs 1.30 crore per acre. Basically these villages are near to NH-24 and most of the high-tech townships and developmental projects are coming up here, and naturally, land becomes costlier, says Rakesh Yadav, Antriksh Builders.
Interestingly more than the residential colonies, there is a likelihood of a steep increase in the circle rates for residential land. In Ramprastha, Surya Nagar,Chandra Nagar, Vaishali, Kaushambi, Indirapuram, Vasundhara, Kavonagar, Rajnagar, Nehru Nagar, Brijvihar, Lohia Nagar, Patel Nagar and Rajendra Nagar the new circle rates have been hiked between 20% and 58%. The huge demand for residential, industrial and commercial plots has pushed this revision in circle rates. The existing circle rates of residential plots range from Rs 12,000 to Rs 25,000 per sq mtr. The new rates will be Rs 15,000 to Rs 32,000 per sq mt. For commercial plots, the circle rates have been hiked from Rs 20,000 sq mt to Rs 80,000 per sq mt. The new circle rates have been revised on the basis of total number of registrations of documentation in last 2-3 years. These new rates are already dependent on Ghaziabad authorities property prices.
C o m m e n t i n g on the new circle rates, S K Divedi, vice chairman, Ghaziabad Development Authority, said right implementation of new circle rates are more important to value the price index and area development. For property to be secure one must pay the stamp duty individually; otherwise, owners would forfeit all legal rights over their property. Recently, the district administration and authority had declared a number of defaulters in residential, commercial, institutional and industrial areas - crores of rupees have to be recovered from these defaulters.
Stamp duty makes it easier for both sellers and buyers. All things being equal, selling prices could suffer when rates go up, because rising rates go hand in hand with stamp duty recovery, very much like better job prospects, which partially offset the effects of higher rates. Getting buyers to take a look at property is the biggest challenge in selling a property. For this reason, a little time and money is needed in making out a solid proof in getting property registration.
Housing market boom doesnt mean price go up or do down it all depends on how the area has been developed. With over 18 lakhs in population, Ghaziabad is emerging as a popular destination for middle class urbanities. New Ghazibad areas like Indirapuram, Vaishali, Kausambi and Vasundhara are developing fast. These are already being looked upon as an alternative to Delhi.
Kramchandani, vice president, Parsvnath Developers, says: Commonwealth Games are brings a lot of hope for fast development. Undoubtedly, developmental work is not making the traffic congestion-free in main Ghaziabad as most of the development is taking place in new Ghaziabad.
C o m m e n t i n g on the new circle rates, S K Divedi, vice chairman, Ghaziabad Development Authority, said right implementation of new circle rates are more important to value the price index and area development. For property to be secure one must pay the stamp duty individually; otherwise, owners would forfeit all legal rights over their property. Recently, the district administration and authority had declared a number of defaulters in residential, commercial, institutional and industrial areas - crores of rupees have to be recovered from these defaulters.
Stamp duty makes it easier for both sellers and buyers. All things being equal, selling prices could suffer when rates go up, because rising rates go hand in hand with stamp duty recovery, very much like better job prospects, which partially offset the effects of higher rates. Getting buyers to take a look at property is the biggest challenge in selling a property. For this reason, a little time and money is needed in making out a solid proof in getting property registration.
Housing market boom doesnt mean price go up or do down it all depends on how the area has been developed. With over 18 lakhs in population, Ghaziabad is emerging as a popular destination for middle class urbanities. New Ghazibad areas like Indirapuram, Vaishali, Kausambi and Vasundhara are developing fast. These are already being looked upon as an alternative to Delhi.
Kramchandani, vice president, Parsvnath Developers, says: Commonwealth Games are brings a lot of hope for fast development. Undoubtedly, developmental work is not making the traffic congestion-free in main Ghaziabad as most of the development is taking place in new Ghaziabad.
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