Property rates to surge as new circle rates to come into force from Aug 1

Time of India

3 days ago

L
ucknow: Buying residential and commercial properties in Lucknow will soon be a costly affair as the district administration is set to implement revised circle rates from Aug 1.
The new rates, reflecting an average increase of 15% across property types, aim to align with the city's rapid urbanization, enhanced infrastructure, and growing property demand, said additional district magistrate (finance), Rakesh Kumar said.
The circle rates were last revised in 2015.
The administration has proposed revised rates for 77 major arterial roads and 26 authorized residential colonies.
Prices of property will undergo a significant surge in prime locations.
Property in Gomtinagar will now cost around Rs 7,100-7,500 per sq ft while land in Mahanagar and Indiranagar will cost Rs 6,000 per sq ft.
Jankipuram's circle rate will be over Rs 5,000 per sq ft, followed by areas along Shaheed Path, including Ansal and Vrindavan Yojana, where the new rates will be around Rs 4,700 per sq ft.
Non-agricultural land will face a steep average hike of 25%, while construction rates for flats in multi-story buildings are proposed to go up by 20%.
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Commercial properties, including plots for shops, offices, and warehouses, will also undergo an average increase of 20%.
To rectify inconsistencies in the 2015 assessment, where flat construction rates in some revenue villages and mohallas were lower than commercial rates, a 40% increase has been proposed for commercial properties in specific areas.
For non-agricultural plots or buildings used for commercial activities, valuations will be based on the applicable plot rate plus an additional 20% increase.
If a commercial plot is explicitly designated as such in the deed or part of an approved master plan, its valuation will be 50% higher than the standard non-agricultural rate.
"The administration is inviting public feedback on the proposed rates from July 2-17. Suggestions or objections can be submitted physically at the offices of sub-registrar or the assistant inspector general registration I/II on working days from 10am-5pm, or via email to [e-mail] or [e-mail] within the 15-day window," an official said.
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