KANPUR: As of Friday, September 5, the revised circle rates for land in the Kanpur Nagar district are now in effect.
The updated rates include significant changes to the general guidelines. Depreciation allowances of 30% to 60% are now applicable for the construction costs of units, flats, or floors in multi-story residential buildings with up to four floors. Additionally, the previously mandated minimum common facility fee of 18% has been eliminated.
For large non-agricultural residential plots, depreciation rates have been established: 20% for areas between 1,000 and 2,000 square meters, 25% for areas from 2,000 to 3,000 square meters, and 30% for areas exceeding 3,000 square meters. This marks a change from the previous rate list dated September 2, 2024, which allowed no depreciation for plots up to 2,000 square meters.
The formula-based valuation method for non-commercial constructions has been removed, replaced with a depreciation allowance based on the building’s age, ranging from 30% to 60%. This new system comes after the prior valuation method for agricultural land in urban and semi-urban areas was deemed impractical.
Valuation for agricultural land will now be calculated as follows: for up to 0.051 hectares, it will be evaluated at four times the agricultural rate; from 0.051 to 0.102 hectares at three times; from 0.102 to 0.205 hectares at twice the rate; and for areas larger than 0.205 hectares, at the prescribed agricultural rate.
Changes have also been made to the valuation of farmhouse properties, where agricultural land within the farmhouse will be evaluated at the agricultural rate and non-agricultural land at the non-agricultural rate. Notably, agricultural land up to 0.102 hectares will be valued at three times the fixed agricultural rate, ensuring the actual market value of farmhouse properties.
Amendments have been introduced for the valuation of commercial constructions and shops as well, with separate slabs for different types of constructions excluding RCC/RBC. The depreciation for carpet or floor area valuation is now increased from 5-15% to 10-20%. The coverage for single shops has been increased, with depreciation ranging from 15% to 20% on various commercial plots.
The provision for a 10% additional price hike on the carpet areas of centrally air-conditioned shops and commercial establishments has been revoked.
Moreover, under the revised circle rate list, the average property prices at sub-registrar offices have seen significant increases, including a 26.75% rise in Sadar I, 34.27% in Sadar II, 34.99% in Sadar III, 28.83% in Sadar IV, 31.66% in Narwal, 22.90% in Bilhaur, and 27.20% in Ghatampur, culminating in an overall average increase of 29.52%.
Vivek Chaturvedi, ADM of Kanpur Nagar (Fin Rev), announced that objections regarding the proposed revision of the circle rates for sub-registrar offices Sadar I, II, III, IV, Narwal, Bilhaur, and Ghatampur were accepted from August 9 to 21. A total of 75 objections were addressed during the settlement meeting, leading to necessary amendments.
