GDA hikes commercial property rates

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  • Post last modified:June 26, 2024

The Ghaziabad Development Authority (GDA) has announced a significant hike in commercial property rates across the city, effective from July 1, 2024. In a move aimed at boosting revenue and funding infrastructure projects, the authority has increased rates by an average of 15% for commercial spaces, including offices, retail outlets, and industrial units.

The decision comes in the wake of rising land prices and the need for additional resources to support Ghaziabad’s rapid development. The rate hike will be implemented across various zones, with prime areas like Raj Nagar Extension, Kaushambi, and Indirapuram seeing the steepest increases.

According to GDA officials, the rate revision is crucial to ensure sustainable growth and the timely completion of ongoing projects, such as the Regional Rapid Transit System (RRTS) corridor and the development of transit-oriented zones. The announcement has sparked mixed reactions from the real estate community. While some developers have voiced concerns over the potential impact on demand and investment sentiment, others see it as a positive move that could enhance the city’s overall appeal.

The rate hike may temporarily dampen demand, but it also reflects the growing importance of Ghaziabad as a commercial hub. With the RRTS corridor and other infrastructure developments, the long-term prospects remain promising. In comparison to neighbouring regions, Ghaziabad’s commercial property rates remain competitive, albeit inching closer to those in Noida and Gurgaon.

The GDA has assured stakeholders that it will consider appeals and objections to the rate hike on a case-by-case basis. Additionally, differential rates may be introduced for specific categories of commercial properties, such as IT parks or hospitality zones, to promote targeted development.

As Ghaziabad continues to evolve as a prime real estate destination, the rate hike is expected to have far-reaching implications for the city’s commercial landscape. Developers and investors alike will be closely monitoring the market dynamics and adjusting their strategies accordingly. Looking ahead, the GDA has hinted at the possibility of further rate revisions and the introduction of new policies to ensure sustainable growth and maintain Ghaziabad’s competitive edge in the region’s booming real estate market.

Among the many commercial projects popping up in Ghaziabad, Himalaya City Center stands out for its affordability and value. Despite the recent increase in commercial property rates by the Ghaziabad Development Authority, this project is dedicated to keeping retail spaces reasonably priced for its customers. While other developers might pass these higher costs onto buyers, Himalaya City Center has chosen to absorb the increase. This ensures that shops and outlets remain affordable for aspiring entrepreneurs and businesses. This decision highlights the project’s focus on its customers and makes it an attractive choice for those looking for prime commercial spaces without breaking the bank. By keeping prices competitive, Himalaya City Center aims to attract a wide variety of tenants, creating a lively and diverse commercial community.