The Uttar Pradesh Housing Board has announced a substantial hike in circle rates for plots located within its Vasundhara and Siddharth Vihar townships in Ghaziabad. This decision was spurred by a marked increase in property demand, primarily attributed to the proximity of these areas to the rapidly developing RapidX corridor. Effective from April 1, 2024, plot values in these townships will see a substantial increase of between 10 and 15 percent.
While the move is expected to bolster the housing board’s revenue, it will undoubtedly impact buyers, leading to higher stamp duty payments. To mitigate the burden on lower-income segments, the board has confirmed that circle rates for low-income group properties remain unaltered. This strategic adjustment reflects the housing board’s response to the dynamic real estate market while considering the interests of various income brackets.
The increased circle rates are indicative of the growing allure of Ghaziabad’s real estate landscape, particularly in areas with excellent connectivity. As the city continues to expand and develop, property values are anticipated to witness further appreciation, making this a strategic time for both buyers and investors to carefully assess market trends.
