GDA opposes hike in property prices

For those planning to buy property in Ghaziabad, this is the right time. The Ghaziabad Development Authority (GDA) has determined not to raise the prices of properties in the city from August.

However, the recent hike in circle rates in Ghaziabad by upto 20 percent, is likely to elevate the property prices to a significant extent. The hike in circle rates has been implemented from August 1.

The decision was taken in the 135th board meeting of the civic authority. Following the meeting, GDA vice-chairman Santosh Kumar Yadav said that, in May 2012, prices of properties in Ghaziabad was raised by two and a half times. Apart from this, buyers were forced to pay 22 percent more on the transactions, including 12 percent infrastructure fund and 10 percent freehold charges, he added.

The board also decided to increase freehold charges. Freehold is referred to ownership of land and the properties on such land, which is opposite to leasehold where property is returned owner after the expiry of lease period.

It has been proposed to implement a new system which will apply current rates, instead of calculating freehold charges, based on the prevailing rate at the time of the registration of the property.

Besides this, in order to cut cost expenditure, the civic body has decided to put an end to the newly started CNG-operated city bus service, because the authority has already incurred a loss of more than Rs 2.5 crore. And the development authority has implemented new bylaws for public-private partnership bus stations which is being constructed by the State government, on a minimum plot of 4,000 square metres.

Apart from all these, the board also passed 18 other proposals, which includes increase in retirement age for employees of centralised and non-centralised services and employing four revenue clerks through a placement agency.