The circle rate in the city is likely to increase by 20% for residential and commercial properties next month. A proposal is being prepared by the stamp and registry department following a survey and will be placed before the district magistrate for approval.
A higher circle rate means those buying houses will have to pay more in stamp duty, which will effectively increase the overall property prices.
On Tuesday, AIG stamp and registration department Pushpendra Kumar told that the city has undergone infrastructural changes in terms of connectivity over the last two years.
“The Delhi-Meerut rapid rail commenced operation in Oct 2023 and is currently commercial operation has begun on nearly 50% of the corridor. We already have metro connectivity and several expressways. The Delhi-Dehradun Expressway and others are in the offing. A recent survey by the department showed the market rate of properties along these corridors has gone up. To tap into the growing market, we have proposed a hike of DM circle rate by 20% across residential and commercial categories,” the official said.If approved by the DM, objection and feedback have to be invited from the public before the revised rates are implemented.
The circle rate in the district was hiked by nearly 20% in the 2022-23 financial year last. The rate remained unchanged over the next two fiscal years as the market rate did not rise proportionately.
The circle rate in Indirapuram and Vaishali is likely to go up by a steep Rs 11,600 per sqm from the prevailing Rs 58,000 per sqm once the proposed hike kicks in. In Crossings Republik, the rate will go up by Rs 7,600 per sqm from the current Rs 38,000 per sqm. In Wave City and Sun City, where the prevailing circle rate is Rs 26,400 per sqm, properties will become dearer by Rs 5,280 per sqm.
In the commercial category, the existing circle rates in Rakesh Marg and Nehru Nagar are Rs 78,000/sqm, while it is Rs 84,000/sqm in Sahibabad, Rs 96,000/sqm in Ambedkar Nagar and Rs 1.68 lakh/sqm in the RDC area.
With the proposed hike, the rate in Rakesh Marg and Nehru Nagar is likely to go up by Rs 15,600/sqm, in Sahibabad by Rs 16,800/sqm, Ambedkar Nagar by Rs 19,200/sqm and in RDC area by Rs 33,600/sqm.
In June last year, properties in Vasundhara and Siddharth Vihar, which are close to the rapid rail corridor, became costlier after the UP Housing Board hiked circle rates in townships administered by it across the state.
