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High Property Rate May Worry Investors

New houses and plots offered by the UP housing and development Board (UPHDB) in Ghaziabad and Loni may cost nearly 20% more with the state government agency planning to jack up prices in the new financial year. An internal committee of the board has recommended a raise of 5%-25% in the land cost in various schemes across Uttar Pradesh. This will lead to an increase of 10%-16% in case of a majority of housing board properties. But for areas around Delhi, the rise could be more. In Ghaziabad and Noida, residential property prices have nearly doubled in the last 12-18 months. The UP Housing Board had earlier sold properties in Vasundhara and Indirapuram. Siddharth Vihar in Loni is coming up now. The prices of apartments in UPHDB schemes range between Rs 2,000 and Rs 2,500 per sq/ft. It is this segment which would see its prices spiraling when the hiked rates come into effect.

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28 Mar 2012

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