LUCKNOW: Beginning Friday, property prices in Lucknow are set to rise by as much as 25% due to the implementation of revised circle rates. These rates represent the minimum property price used to calculate stamp duty fees.
The circle rates have been updated for the first time in a decade, with increases ranging from 15% to 25%, influenced by the property’s location and type.
According to Assistant Inspector General of Stamps, Ramesh Chand, the last revision took place in 2015. He noted, “Prices for agricultural land have risen by 15%, while non-agricultural land prices for housing have surged by 20% to 25%.” He indicated that this year’s percentage increase is nearly equivalent to that of 2015.
The revision is based on three parameters.
The first category pertains to non-agriculture land along roads that are narrower than 9 meters. Other properties are classified as either ‘ordinary’ or ‘premium.’
Flats or apartment complexes that offer at least two amenities from a pool, club, or gym are classified as premium, and costs will reflect this classification. “Flats lacking these amenities will be categorized as ordinary,” Chand clarified.
In Ashok Marg, premium properties have seen a 25% increase, changing from Rs 26,000 per sq m to Rs 32,500 per sq m, while ordinary properties have risen from Rs 24,000 per sq m to Rs 30,000 per sq m.
Meanwhile, non-agricultural land along roads with a width of less than 9 meters in Ashok Marg will now cost 10% more, increasing from Rs 30,500 per sq m to Rs 33,500 per sq m.
In Gulistan Colony, circle rates for both premium and ordinary categories have risen by 29%.
Properties in Indiranagar Sector-1 have experienced a 31% increase, while those on AP Sen Road and Clay Square have gone up by 29%.
