The District Magistrate’s office notifies Circle rate in Lucknow for property valuation. Presently, the city’s circle rate is the same as last updated in 2017 as per city administration’s decision against revising these rates. The rates form an essential consideration when it comes to the valuation of property in different areas of Lucknow for sale, purchase or mortgage.
Circle rate is the minimum value that the government notifies for property valuation in a given area. Transaction related to the property is initiated on this basis. Circle rate is also an essential requirement when assessing property value to avail mortgage loans like loan against property.
Circle rates in Lucknow are considered during property valuation, and stamp duty is calculated and paid on the higher of assessed value and declared transaction value. For the financial year 2018-2019, the circle rate in Lucknow has remained the same as earlier.
Following is a list of circle rates in Lucknow for different areas.
|List of Areas||Average Circle Rates|
|Amar Shaheed Path||Rs.3,613/sq. metres|
|Faizabad Road||Rs.3,027/sq. metres|
|Ansal API Golf City||Rs.3,343/sq. metres|
|Gomti Nagar||Rs.4,194/sq. metres|
|Jopling Road||Rs.7,761/sq. metres|
|Gomti Nagar Extension Road||Rs.3,478/sq. metres|
|Kanpur Road||Rs.3,280/sq. metres|
|Raibareli Road||Rs.3,338/sq. metres|
|Sitapur Road||Rs.4,048/sq. metres|
|Sushant Golf City||Rs.3,351/sq. metres|
|Sultanpur Road||Rs.3,393/sq. metres|
|Vrindavan Yojana||Rs.3,589/sq. metres|
|Vibhuti Khand||Rs.5,778/sq. metres|
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Circle rate in Lucknow depends on several factors listed below.
Also, the value of commercial properties is higher than residential ones. During property valuation, circle rates thus significantly affect the assessed value. However, when availing a property loan, it is preferable to go for a residential property mortgage. It is because lenders consider loan financing against residential properties a more viable option than otherwise.
Stamp duty is calculated and paid for the higher of the two values –
Depending on this valuation, current stamp duty rates prevailing in Lucknow for urban areas are as follows.
Prevailing stamp duty for agriculture land stands at –
Stamp duty is thus calculated depending on the specific area’s circle rate in Lucknow.
Property registration charges are fees paid to the government for ownership record maintenance. The applicable registration charges in Lucknow are 2% of the property value, with a maximum amount reaching up to Rs. 20,000. A court fee of Rs. 10,200 is also payable during property registration.
Calculation of property value using circle rate comprises the following steps.
Property value = Built-up area (In sq. metres) x Circle rate for the locality (In Rs./sq. metres).
Check out the list of areas for which circle rates in Lucknow are notified.