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LUCKNOW: The cost of residential and commercial properties in Lucknow is set to increase as the district administration plans to implement revised circle rates starting August 1.
According to Rakesh Kumar, the additional district magistrate (finance), the new rates reflect an average increase of 15% across all property types, aiming to keep pace with the city’s rapid urban growth, improved infrastructure, and rising demand for properties.
The last revision of circle rates was conducted in 2015.
The new rates will affect 77 major arterial roads and 26 approved residential colonies.
In prime locations, property prices will see marked increases, with rates in Gomtinagar rising to Rs 7,100-7,500 per sq ft, while prices in Mahanagar and Indiranagar will reach Rs 6,000 per sq ft.
Jankipuram’s circle rate will exceed Rs 5,000 per sq ft, and areas along Shaheed Path, including Ansal and Vrindavan Yojana, will see new rates of around Rs 4,700 per sq ft.
Non-agricultural land values will experience an average hike of 25%, while multi-story flats are expected to see construction rates increase by 20%.
Commercial properties, including plots for shops, offices, and warehouses, will also witness an average increase of 20%.
To address inconsistencies in the 2015 assessment, where flat construction rates in specific villages were lower than commercial rates, a 40% increase is proposed for commercial properties in certain areas. For non-agricultural plots or buildings designated for commercial use, valuations will be determined based on the plot rate plus an additional 20% increase. If a commercial plot is explicitly identified 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 welcoming public feedback on the proposed rates from July 2 to 17. Suggestions or objections can be submitted in person at the offices of the sub-registrar or the assistant inspector general of registration I/II on working days from 10 am-5 pm, or via email to aiglko01@gmail.com or aiglko02@gmail.com during this 15-day period,” stated an official.
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