Rates of properties in Vasundhara, Ghaziabad, be it residential or commercial, are witnessing a hike as instructed by the Uttar Pradesh Housing Board. The circle rates in Vasundhara were revised and made effective from 1st April 2017. These revised rates are increased by around 16%. The builders are against the hike as they are the stakeholders.
As per the sources, the rise in the rates of residential sector has reached to Rs.48800 per square meter from Rs.42000 per square meter, in sectors which are even-numbered. Likewise, the rates in odd-numbered sectors have reached to Rs.44100 per square meter from Rs.38000 per square meter.
Just like the residential category, the rates of properties in Vasundhara, Ghaziabad in the commercial category have also seen an immense hike. The circle rate in even-numbered sectors has reached Rs.97600 per square meter from Rs.84000 per square meter while in odd-numbered sectors it has reached Rs.88200 per square meter from Rs.76000 per square meter.
But this decision of increasing the circle rates in Vasundhara by the housing board is not being supported at all by the stakeholders. They are considering this hike as a very irrational decision as it would adversely impact the areas of real estate which are already facing a downfall.
As per the high officials also, like the Vice-President of CREDAI, this is a very unreasonable hike which will not affect certain areas of real estate in a positive way. According to him, when the market is facing a slump, the rates should left as they are, if they cannot be lowered. This is because the buyers will get disappointed even further.