Lucknow, Uttar Pradesh – Both residential and commercial property transactions in Lucknow are set to become more expensive as the district administration prepares to roll out revised circle rates, beginning August 1st. This adjustment aims to bring property valuations into closer alignment with Lucknow’s rapid urban growth, ongoing infrastructure enhancements, and escalating demand for real estate, as stated by Rakesh Kumar, Additional District Magistrate (Finance).
The revised rates represent an average city-wide increase of 15% across all property categories. The previous revision of Lucknow’s circle rates occurred in 2015.
The administration has put forward these updated rates for 77 primary arterial roads and 26 officially recognized residential neighborhoods within the city.
Details of the Proposed Rate Adjustments:
- Overall Average Increase: A 15% average rise is anticipated across all property types.
- Premium Localities: Properties in Gomtinagar are projected to command prices ranging from Rs 7,100 to Rs 7,500 per square foot. Land in Mahanagar and Indiranagar will be valued at Rs 6,000 per square foot.
- Jankipuram: The base rate for this area will exceed Rs 5,000 per square foot.
- Shaheed Path and Environs: Areas adjacent to Shaheed Path, including developments like Ansal and Vrindavan Yojana, will see new rates around Rs 4,700 per square foot.
- Non-Agricultural Land: This segment is slated for a sharp average increase of 25%.
- Multi-Story Residential Units: Construction rates for apartments in multi-story buildings are slated to increase by 20%.
- General Commercial Properties: Plots designated for shops, offices, and warehouses will also experience an average increase of 20%.
- Targeted Commercial Property Adjustments: To rectify discrepancies identified in the 2015 assessment, where construction rates for flats in certain revenue villages and mohallahs were below commercial rates, a substantial 40% increase has been proposed for commercial properties in specific designated zones.
- Valuation of Commercial Non-Agricultural Plots/Structures: Valuations for non-agricultural plots or buildings utilized for commercial purposes will incorporate the applicable plot rate plus an additional 20% increase. If a commercial plot is explicitly identified as such in its deed or within an approved master plan, its valuation will be 50% higher than the standard non-agricultural rate.
Public Input Sought:
The administration is inviting public comments on these proposed rates. Individuals can submit their suggestions or objections within a 15-day window, from July 2nd to July 17th. Submissions can be made in person at the offices of the sub-registrar or the assistant inspector general registration I/II during working hours (10 am to 5 pm), or via email to [email protected] or [email protected].
