GHAZIABAD: The circle rates in the
district for 2018-19 are likely to remain unchanged as the registration department has not proposed any hike due to slump in the real estate sector. A notification on the issue is likely to be issued by the end of this month.
“The circle rates which we’ve proposed to the government are nearly same as compared to previous year as we’ve not suggested any hike,” said Mewa Lal Patel, assistant inspector
general, stamps, Ghaziabad. “But in certain areas, we’ve suggested some corrections to end anomalies as we felt in these places, circle rates were not in consonance with market rate which is deterring potential buyers,” he added.
Patel cited the slump in real estate sector to keep the circle rates unchanged. However, he said an analysis of the sale deed executed in 2017-18 showed that real estate is on a recovery path. “In 2016-17, total of 56,151 sale deeds were executed in Ghaziabad. In 2017-18, it went up to 65,508 which clearly suggests that real estate is on a recovery path,” said Patel.
In 2016-17, stamps and registration department was given a revenue target of Rs 1,617.7 crore, but it received only Rs 1,014.45 crore. The same target was given in 2017-18 and this time it was able to collect Rs 1,224.33 crore. “This is another indicator that market is improving and to keep the momentum going, it is all the more necessary that circle rates which are already high in Ghaziabad are not hiked,” said Patel.
The industry has also welcomed department’s recommendation of not hiking circle rates. General secretary, Credai, Gaurav Gupta said they hoped circle rates would be slashed but even the decision of not hiking it will go a long way in restoring balance in the sector which had gone awry due to skewed circle rates.
Representative image
