Plots in Vasundhara and Siddharth Vihar are set to get dearer as the UP Housing Boarding recently increased the circle rates for the two townships under its jurisdiction by nearly 10% to 15% for the current financial year.
Nabendra Bahadur, an estate manager of the housing board, told the market rates for plots in the areas in and around the influence zone of the Delhi-Meerut rapid rail corridor have shot up due to a discernible increase in demand, necessitating a revision in the circle rate.
Circle rates for the two townships were increased by over 3% in the previous fiscal year even before commercial runs on the corridor began in Oct 2023. Currently, nearly 50% of the 82km corridor is operational.
On Tuesday, the stamp and registry department also proposed to increase the circle rate by 20% across residential and commercial categories citing rapid infrastructural development in the city.
Of the 19 sectors in Vasundhara, the hike is specifically steep for the odd-number ones where the circle rate will go up by nearly 15% — about Rs 11,100 per sqm — as the new rate comes into effect retrospectively from April 1, Bahadur said.
“After the revision, the cost of plots in the odd sectors will stand at Rs 73,000 per sqm, up from Rs 61,900 per sqm. In the even sectors, the rates have been hiked by Rs 6,700 per sqm, about 10%. So, one will have to pay Rs 75,000 per sqm instead of the previous Rs 68,300 per sqm,” the official said.
The housing board, which is planning to develop 80 acres of land in sectors 7 and 8, both under the rapid rail’s transit-oriented development (TOD) zone, is set to benefit from the recent hike.
In Siddharth Vihar, the circle rate for plots has gone up by Rs 6,180 per sqm from Rs 58,820 per sqm in the 2023-24 financial year.
Bahadur said there was no change in the circle rates for flats in high-rise apartments and plots and flats in low-income group projects in the current round.
The circle rate for flats in even sectors in Vasundhara is Rs 66,300 per sqm and Rs 59,900 per sqm in the rest. In Sidharth Vihar’s Brahmaputra Enclave, an LIG scheme, the rate is Rs 55,600 per sqm. In Ganga, Yamuna and Hindon apartments, the rate is Rs 43,800 per sqm.
