Ranchi, Aug. 1: Buying property in the urban areas of Ranchi just became a more expensive affair with the district administration today effecting a hike in rates.

On an average, land prices have gone up by as much as 60 per cent in the upscale neighbourhoods, while in the lesser sought out areas, the prices have gone up by about 20 to 25 per cent. The per square feet rates of flats too have gone up in a similar manner.

For instance, while plots at Bariatu earlier cost Rs 1.55 lakh per decimal, the same piece of land will now cost 2.28 lakh. Similarly, the land that cost Rs 1.55 lakh per decimal at Morabadi, will now cost Rs 2.28 lakh per decimal.

A decimal of land at Lalpur — one of the most preferred places to live in Ranchi city earlier cost Rs 2.09 lakh per decimal, will now set a buyer back by Rs 2.69 lakh per decimal. At Kokar, which is neighbouring Lalpur, land was earlier available for Rs 1.69 lakh per decimal, but would now cost 1.85 lakh per decimal.

Plots at Purulia Road near St Xavier’s College, which hitherto cost Rs 1.47 lakh, have now become Rs 1.99 lakh per decimal. Land near Albert Ekka Chowk, which cost the purchaser Rs 4.25 lakh per decimal, will now cost Rs 5.69 lakh per decimal.

However, land prices are highest in the heart of the city — in the commercial areas of Kali Babu Street, Naga Baba Khatal, Vishnu Talkies Lane, Daily Market and Hindpiri Lake Road. In these areas, plots will now cost between Rs 4 and 5 lakh per decimal, from the earlier Rs 3.5-4 lakh per decimal.

New per square feet rates for apartments also came into effect today.

While flat buyers at Morabadi would now have to pay Rs 2,261 per square feet as against the earlier rate of Rs 1,705, they would have to pay Rs 2,134 per square feet for a flat at Bariatu as against the earlier rate of Rs 1,705 per square feet.

Similarly, at Circular Road, the buyer would now have to part with Rs 2,350 per square feet for a flat as against the previous rate of Rs 1,947.

Reacting to the hike, most builders and developers said the increase in rates would have negative impact on the market. “The hike in prices is a little too much. It will tax the property buyers a lot,” said Kumud Jha, president of Confederation of Real Estate Developers Associations of India (Jharkhand Chapter).