Summary:
GHAZIABAD: A notification on circle rate 2018-19 will be issued by the end of this month as the district administration has concluded the exercise and once again, authorities have not proposed hike in the circle rate. This is on account of slump in real estate sector, which is still picking up.“The circle rate that we have proposed to the government is more or less similar to previous year as we have not suggested any hike,” said Mewa Lal Patel, AIG Stamps, Ghaziabad . "Circle rates should be reduced so that buying property is accessible to the common man. CREDAI general secretary Gaurav Gupta said they had hoped that circle rate would actually be slashed, but even the decision of not hiking it will go a long way in restoring balance in real estate sector, which had gone awry due to skewed circle rates. “But in certain areas, we have suggested some corrections to end anomalies as we felt that circle rates in these areas were not in consonance with market rates, which was deterring potential buyers” added Patel.Patel attributed reason for keeping circle rates unchanged for the year 2018-19 to slump in real estate sector, though he said that an analysis of sale deed executed in 2017-18 showed that real estate was on a path to recovery..