Housing Board property rates to increase up to 16% from 1 April
The UP Housing and Development Board increases rates of its properties annually depending on the demand and supply gap in different areas.
The board is decided to increase property rates depending on the type and the location of the property. The board decides to increase 16 percent of properties rates in different districts of UP. In the places where demand of property is high the rates will increase up to 25 percent.
An official says that the properties rates have been raised most in areas like Vikasnagar and Indiranagar localities because in these areas all Housing Board property have already sold out.
An official says that if they noticed that the property of any area are selling like hot cake then they think to increase rates up to 30 percent but if the property is not in demand then the increase in rate should be minimum.
The Housing Board had introduced commercial housing project named Awadh Vihar Yojna on Sultanpur Road at the price of Rs 10,000 per square metre. The project got immense response therefore the price increased by Rs 2,000 per sqm to arrange for metro funds. The land rates are revised by Rs 1,000 per sqm escalating the cost of land from earlier Rs 10,000 per sqm to Rs 16,000 per sqm.
In Vrindavan Yojna of Rae Bareli Road the rates of property were increased by Rs 2,000 per sqmt in the name of metro funds. The board is increasing rates of its property to collect compulsory fund.
Source: The Times of India
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