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Lucknow News: A new circle rate has been implemented in Lucknow, UP after 10 years. After this change, the prices of land are expected to increase.
After ten years, the new circle rate has been implemented in UP’s capital Lucknow from today. With this change which was pending for a long time, the prices of land will increase. In the new circle rate, different percentages have been increased for different categories of land and houses. On this, the officials said that this will also increase the income of the government.
Under the new provisions, there has been a 15 percent increase on agricultural land, 25 percent on commercial land and 20 percent on multi-storey buildings. On the other hand, the circle rate of offices, warehouses and shops has increased by an average of 20 percent. Due to the change in the earlier circle rate, there were discrepancies in the rates of land in some areas.
The last change in circle rate was made
ten years ago when the last change in circle rate was made, there were discrepancies in the rates of shops, offices and godowns in some areas. This time to remove these discrepancies, the rates have been increased by up to 40 percent in such places. This will now bring uniformity in the valuation of properties of the same category.
According to revenue department officials, the implementation of the new circle rate will not only affect the land purchase and sale prices but will also increase the government’s income from stamp duty. Real estate businessmen believe that this will increase activity in the property market, although buyers will also have to bear an additional burden.
The new circle rate has been implemented after ten years to buy a home in the capital . The rate will increase more in areas where there is more demand for land. Along with this, the prices have been fixed keeping in view the possibilities of development and infrastructure.
There has been an increase of 33 to 36 thousand square meters on Faizabad Road, 15 to 55 thousand square meters on Kanpur Road, 15 to 20 thousand on Kisan Path Outer Ring Road, 6 to 10 thousand square meters on Purvanchal Expressway, 15 thousand square meters on Agra Expressway and 18 thousand to 55 thousand square meters on Lucknow Rae Bareli Road.
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