Lucknow property prices surge up to 25% as revised circle rates kick in

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Property prices in Lucknow will see an increase of up to 25 per cent from Friday with the implementation of revised circle rates -- the minimum cost of a property to determine the stamp duty charges.

Under the latest rate revision that has come after 10 years, circle rates have been increased in the range of 15-25 per cent, depending on the area and the type of the property.

Circle rates in Lucknow were last revised in 2015, Assistant Inspector General of Stamps Ramesh Chand said.

"The price of agricultural land has increased by 15 per cent, while the prices of land meant for housing (non-agriculture) have seen a rise of 20 per cent to 25 per cent," Chand told PTI.

He further said the rates have been revised as per the potential of the particular area. As far as the quantum of percentage increase is concerned in this year's revision, it is almost the same as that of 2015, Chand said.

The rates have been revised on three parameters.

The first category is non-agriculture land located along roads that are less than 9 metres in width. Other properties have been classified as 'ordinary' and 'premium'.

Flats or apartment complexes that house any two facilities out of swimming pool, club, gym and segment road are counted in the premium category, and the construction cost will also be applicable likewise. "The flats which do not have these facilities will come under the ordinary category," Chand explained.

Premium category properties in Ashok Marg saw a revision of 25 per cent (from Rs 26,000 per sq m to Rs 32,500 per sq m), while the ordinary category property rates have been revised from Rs 24,000 per sq m to Rs 30,000 per sq m.

Land under non-agriculture category located along roads with less than 9 metres of width in Ashok Marg will now be priced 10 per cent higher from Rs 30,500 per sq m to Rs 33,500 per sq m.

Rates in Gulistan Colony have been increased by 29 per cent for both premium as well as ordinary categories.

Indiranagar Sector-1 properties have witnessed an increase of 31 per cent in the circle rates, while those at AP Sen Road and Clay Square areas saw a hike of 29 per cent.