Buying Property Near Ghaziabad Metro? Get Ready To Pay Cess
For those planning to live in proximity to the upcoming Metro corridor in Ghaziabad, buying a property here might cost you more. According to reports, the Uttar Pradesh Housing Board is planning to levy a cess on those buying property (flat or plot). With this, the board plans to raise funds for the Metro work.
This is the first time that such an idea has been floated to fund a Metro project.
The proposal was mooted after the UP chief secretary in a letter directed the stakeholders to carve out their “area of influence” and impose a cess to raise funds. Now a panel has been formed to formulate the proposal.
The proposal, once approved, will impact the areas falling close to the Ghaziabad Metro project, a part of the Phase-III extension of two Metro corridors – Vaishali to Mohan Nagar and Sector 62 of Noida to Sahibabad. This Metro project is being constructed at a cost of Rs 3,711 crore.
While the Metro will boost real estate in areas that lack connectivity, cess might lead to many homebuyers taking a step back. The price of such properties would already be higher than the counterparts lying a little far from the metro corridor, an additional cess might not be good news.