Priyanka Tiwari
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Suspense crime, Digital Desk : Get ready for some changes in the property market if you're looking to buy or sell in Lucknow! The Uttar Pradesh government has significantly increased the circle rates across the city, making it more expensive to register properties in many areas. This move means that owning a piece of Lucknow's booming real estate is now, officially, a bigger investment.
For those unfamiliar, the "circle rate" is the minimum value at which a property can be registered when it's sold or transferred. It's set by the state government and plays a crucial role in calculating stamp duty and registration charges. An increase in circle rates directly translates to higher costs for buyers and more revenue for the government.
The latest hike has particularly impacted some of Lucknow's most sought-after and rapidly developing areas. Among the places seeing the steepest rise are:
Gomti Nagar: Already one of Lucknow's most upscale and developed localities, Gomti Nagar's property values are now officially higher, solidifying its status as a premium residential and commercial hub.
Shaheed Path: This major expressway, known for its connectivity and commercial development, has also seen a substantial increase in its circle rates, reflecting the area's growing importance for both residential and business purposes.
Kisan Path: As a newly developing corridor, the rise in circle rates along Kisan Path indicates the government's recognition of its future potential and planned infrastructure, making it an attractive, albeit pricier, investment zone.
Beyond these specific corridors, other areas across the city are also experiencing adjustments. This revision is part of a periodic exercise by the government to align property registration values with the prevailing market rates. As Lucknow continues its rapid urbanization and infrastructural development, the demand for land and property has surged, and the circle rates are being updated to reflect this economic reality.
What does this mean for you? If you're planning to buy property in Lucknow, be prepared for higher stamp duty and registration charges. If you're a seller, while the registration cost for the buyer increases, your property's official minimum value has also gone up, reflecting its enhanced market worth.
This increase in circle rates is a strong indicator of Lucknow's booming real estate market and its sustained growth as a major urban center in Uttar Pradesh. While it means a higher entry point for investors and homeowners, it also signals confidence in the city's future development and property appreciation.
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